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Unilever Delays Ice Cream Spin-Off Due To Government Shutdown In The US

Unilever announced today that it was having to delay the demerger of its €15bn ice cream division because of the US federal government shutdown.

The consumer goods giant noted that the US Securities and Exchange Commission was unable to register the shares in the new business (The Magnum Ice Cream Company) to trade on the New York Stock Exchange.

Unilever did not give a timescale for the delay but stressed that the preparatory work for the demerger was on track and it remained committed to completing the spin-off in 2025.

The group is hiving off the division as part of its turnaround plan that will see it pivot away from food towards faster-growing beauty and personal care brands.

The Magnum Ice Cream Company was due to list in Amsterdam on 10th November, with secondary listings in London and New York. However, the shutdown of the US government, which began on 1st October due to a row over the budget, has left federal agencies with reduced provisions for public services.