UN vs UL?
Unilever is available to US investors as ADRs under the UN and UL tickers, respectively the Amsterdam and London stock exchanges listings. As I understand the two have equal voting and dividends/share rights, yet the two always trade about 20 to 40 cents apart.
I'm sure the spot Euro vs. GB pound vs US dollar exchange rates differentials are responsible for part of the difference. My question: is there a difference in the net taxes I'll pay on dividends I get from UN vs UL? If not, it makes sense to always buy the cheaper of the two ADRs.
I also see a similar phenomenon with Royal Dutch Shell which has RDS.A and RDS.B, so this question has broader applicability.
Any guidance from the many knowledgeable folk here is appreciated. Thank you