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Unilever delays Magnum Ice Cream Company demerger due to US Govt shutdown
The British multinational consumer goods company explained that the US Securities and Exchange Commission (SEC) is currently unable to approve the required registration statement, preventing the shares of The Magnum Ice Cream Company N.V. from being listed and traded on the New York Stock Exchange.
Originally, the Magnum Ice Cream business was set to list in Amsterdam on November 10, with secondary listings planned for both New York and London. However, the company emphasized that preparatory work for the demerger remains on track and is progressing well, reaffirming its commitment to completing the spin-off later this year.
On October 21, Unilever announced a delay in the planned demerger of its Magnum Ice Cream Company, citing the ongoing US Federal Government shutdown as the reason, according to media reports.
The British multinational consumer goods company explained that the US Securities and Exchange Commission (SEC) is currently unable to approve the required registration statement, preventing the shares of The Magnum Ice Cream Company N.V. from being listed and traded on the New York Stock Exchange.
Originally, the Magnum Ice Cream business was set to list in Amsterdam on November 10, with secondary listings planned for both New York and London. However, the company emphasized that preparatory work for the demerger remains on track and is progressing well, reaffirming its commitment to completing the spin-off later this year.
Unilever also confirmed that the shareholder meeting to vote on the proposed consolidation of its share capital—an essential step for the demerger—will still take place as scheduled.
In 2024, Hindustan Unilever Limited (HUL) announced its in-principle approval to demerge its Ice Cream business into a standalone, publicly listed entity. This move aims to maximize shareholder value and align the business with the high-growth potential of the category.
Under the proposed plan, HUL shareholders will receive shares in the new entity in proportion to their current holdings. The demerger is still subject to regulatory approvals and shareholder consent, with a scheme of demerger expected to be presented to the Board early next year.
This decision follows Unilever's September 2024 announcement to separate its global Ice Cream business, prompting HUL's Board to form a committee of Independent Directors to assess the implications and roadmap for the business.
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