INTRODUCTION

Why Mayo Beat Ketchup

The Hostile Takeover Bid that Tells a Deeper Story

In early 2017, Unilever faced a near-death experience. The company was seven years into its ambitious strategy, the Unilever Sustainable Living Plan (USLP), which made purpose and enriching others’ lives core to the business. It was making good progress on its aggressive goals, including doubling sales while cutting its environmental footprint in half, and helping a billion people improve their health and well-being. With a small handful of other corporate leaders, Unilever was helping redefine what being a good company means.

The strategy was working. After years of low or no growth, revenue was up 33 percent to $60 billion, and the company’s stock had outperformed ...

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