Unilever NV

Event Publicly Available Information:

The Eligible Market Participant that submitted the Potential DC Issue has requested that the DC consider whether there is a Successor with respect to Unilever N.V. The Eligible Market Participant notes that Unilever eliminated its dual corporate structure and unified under Unilever PLC and that Unilever N.V. ceased to exist in November 2020.

The Eligible Market Participate has submitted the following evidence:

Unilever Investor Relations Website
Unilever Unification Details


DC Decision

The EMEA DC considered the DC Question in respect of Unilever N.V. and noted that there were two potential successions to consider. 

First, bonds directly issued by Unilever N.V. were transferred to Unilever Finance Netherlands B.V. as part of an internal reorganisation on 26 November 2020.  The EMEA DC concluded that these bonds constituted a transfer of more than 25% of the total Relevant Obligations of Unilever N.V. and resulted in a Successor. 

Second, the EMEA DC considered bonds which had been issued by Unilever Capital Corporation and guaranteed by Unilever N.V.  Such guarantees were transferred to Unilever PLC as part of the cross-border merger between Unilever PLC and Unilever N.V. which occurred on 29 November 2020.  As a consequence of the merger, Unilever PLC assumed all financial indebtedness of Unilever N.V. and all guarantees provided by Unilever N.V. in respect of financial indebtedness.  The EMEA DC considered that the guarantee by Unilever N.V. constituted a Relevant Guarantee, that the bonds in question constituted more than 25% of the total Relevant Obligations of Unilever N.V. and that the merger also resulted in a Successor. 

The EMEA DC considered that the internal reorganisation and the merger constituted part of the same steps plan on the basis of a Unilever shareholder circular dated 10 August 2020 detailing them as part of one wider unification transaction.

On the basis of the above, two Successors were identified by the DC, and pursuant to Section 2.2(n) of the 2014 ISDA Credit Definitions, relevant Credit Derivative Transactions will be divided into two with effect from 29 November 2020.

Request Accepted by DC

Pursuant to the standing resolution passed by the EMEA Determinations Committee (DC) on June 21, 2010, the first meeting of the EMEA DC to deliberate the DC Questions relating to this DC Issue has been deferred pending deliberation of such DC Questions by the EMEA DC legal subcommittee.

Please refer to EMEA_DC_Standing_Resolution_210610.

Pending DC Consent