Unilever's Dutch investors vote to shift headquarters to UK

Unilever's Dutch shareholders have overwhelmingly backed proposals to shift the consumer goods titan's legal base to London, defying politicians in the Hague who have threatened a revenge tax raid.

More than 99pc of votes cast at an online meeting were in favour of a unification plan in which Marmite maker Unilever will abandon its Anglo-Dutch structure after 90 years and be based solely in Britain.

The firm still needs approval from British investors, who are expected to wave through the scheme in their own ballot on Oct 12.

Bosses are pushing ahead with the move despite proposals from the Netherlands' opposition GreenLeft (GroenLinks) party for an 'exit tax' that would cost the group €11bn (£10.1bn).

The tax would hit businesses with annual revenues of more than €750m which move abroad. It has been modified since the plans were first launched so that shareholders, rather than Unilever, would be subject to the tax bill.

Unilever has claimed the tax would violate international law, and it has triggered widespread claims of protectionism.

However, chief executive Alan Jope admitted that Unilever could cancel the merger up to the moment of a High Court approval hearing if the law were passed.

Analysts at Barclays said: "If it gets to a debate, it will be politically charged ahead of Dutch elections early next year. Our view is the amended proposal still looks flawed because of the negative consequences it would have to the Dutch business environment.

"Even so, uncertainty could cause share price volatility until a verdict is announced."

Unilever says the change will make it easier to carry out acquisitions or demergers - including a potential sale of its tea business, which makes PG Tips. Unification could also pave the way for a potential break-up of the business.

Chairman Nils Andersen said: “The board firmly believes this proposal will deliver a stronger, simpler company."

Shares in the consumer goods firm closed down 1.84pc, or 84p, to £46.53.