Unilever delays Magnum demerger timeline on US government shutdown

Unilever said on Tuesday the timeline for the planned demerger of The Magnum Ice Cream Company has been delayed due to the U.S. federal government shutdown, with further updates on the revised schedule to be provided as soon as possible.

Unilever, the maker of Dove soap and Hellmann's mayonnaise, said the U.S. Securities and Exchange Commission is currently unable to declare effective the registration statement required for shares of The Magnum Ice Cream Company N.V. to be listed and traded on the New York Stock Exchange.

The listing of the ice cream business in Amsterdam was originally scheduled for November 10. The Magnum Ice Cream Company is also planned to have secondary listings in New York and London.

Unilever said the preparatory work for the demerger is on track and progressing well, and that it remains committed to completing the spin-off process this year.

Despite the delay, Unilever confirmed that the general meeting of shareholders to vote on the proposed consolidation of its share capital, which is related to the demerger, will still take place later in the day. However, the implementation timeline for that consolidation will also be updated.