Unilever launches share buyback, says it will exit spreads unit

Unilever said on Thursday it will exit its shrinking spreads business, increase its margin targets, raise its dividend and review its dual-headed legal structure, as it aims to prove it can deliver near-term growth on its own, following its swift rejection in February of a takeover proposal by Kraft Heinz.

The pledges are the result of a business review at the Anglo Dutch consumer goods maker undertaken following the unsolicited USD 143 billion bid by the US rival, which Unilever bluntly rejected.

Unilever, one of Europe's biggest blue-chip stocks, called the episode a "trigger moment" to assess its business, as the global packaged goods industry faces slowing growth and greater competition.