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Unilever to list China unit
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June 30, 2000: 6:31 a.m. ET
Consumer goods giant in talks with regulator to list Unilever (China)
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LONDON (CNNfn) - Anglo-Dutch consumer goods giant Unilever Plc said Friday it was in talks with Chinese regulators to pave the way for a sale of shares in its Unilever (China) business, a move that would make it the first overseas company to list on the country's fledgling stock exchange.
"There is no mechanism for a foreign company to list in China," a Unilever spokesman said. "We are in talks with Chinese regulators." about the possibility of selling shares in the business. "Nothing has been filed or finalized."
Unilever (China) said in March it had restructured its business to transform 14 joint ventures into three operating companies - for home and personal care products, ice cream, and food and beverages. The company said at the time that the restructuring heralded future moves to list on a Chinese exchange  .
Shares in Unilever rose 1 percent to 400.5 pence in early trading in London.
Unilever, which employs more than 6,000 people, wants local investors and community to have the opportunity to participate in the business.
"You can't sit in your corporate headquarters and direct the rest of the world," said Unilver's spokesman. "You need to be on the ground and part of the community, like we do in Indian and Indonesia."
Unilever owns 85 percent of PT Unilever Indonesia and 51 percent of Hindustan Unilever. 
-- from staff and wire reports
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