British consumer goods manufacturer Unilever Plc has completed the separation of its ice cream division into a new independent company Magnum Ice Cream Company NV (TMICC). This is reported in a press release from Unilever.
On December 8, Magnum Ice Cream shares will be admitted to listing and trading on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange. Unilever's new American Depositary Shares (ADSS) will begin trading in New York on December 9th.
The separation of Magnum Ice Cream from the Unilever structure completes the division of the company's portfolio in order to optimize assets, which will focus on a simpler portfolio of brands for home, cosmetics and personal care, as well as modernize the business and resume growth amid high storage and production costs, taking into account rising cocoa prices.
After the separation of Unilever, the largest shareholders of Magnum will be Unilever (19.9%), BlackRock (6.7%) and Vanguard Group Holdings (4.3%). If you do not take into account the part of the shares that will go into the bonus program for the company's management, then minority shareholders will own less than 70% of the shares.
Previously, Unilever planned to IPO the Ice Cream Unit in New York, as the American market is the largest market for Unilever's ice cream brands (Ben&Jerry's and Breyers), or on several exchanges, including Amsterdam and London, depending on market conditions, and spin off the business by the end of 2025.
In 2024, Unilever held preliminary talks regarding the possible sale of the Ice Cream Unit for 15 billion pounds ($18.6 billion).
At the same time, the Dutch government has increased pressure on Unilever to list shares in Amsterdam amid the companies' desire to conduct an IPO in the United States, taking into account greater liquidity and higher valuation in the American market. As part of a cost-cutting restructuring, Unilever intends to cut 7.5 thousand jobs and sell its grocery business with total sales of more than 1 billion euros ($1 billion). In October 2024, Unilever moved the headquarters of the Ice Cream Unit to Amsterdam from Rotterdam (the Netherlands).
Unilever is a multinational company producing consumer goods. The company produces food, cosmetics, and household chemicals. Unilever owns more than 400 brands and 280 businesses. The largest sales markets for the company are the USA, India and the UK. The headquarters is located in London (UK). Over the past 12 months, Unilever shares have grown by 20%, increasing the company's market value to 115 billion pounds.
Unilever is a British—Dutch multinational consumer goods company. The company comprises four main divisions — Beauty&Wellbeing, Personal Care, Home Care, and Nutrition — and owns 280 businesses and 400 brands, including Axe/Lynx, Dove, Omo, Heartbrand ice creams, Hellmann's, Knorr, Lipton, Lux, Magnum, Rexona/Degree, Sunsilk, and Surf. The headquarters are located in London (England) and Rotterdam (the Netherlands) with offices in 190 countries.
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