Unilever: US government shutdown delays ice cream float
Consumer goods giant Unilever has paused the launch of its ice-cream arm on New York’s stock exchange due to delays at the bourse’s security commission.
The US government shut down at the start of October when Democrats and Republicans failed to come to an agreement on spending, with no end in sight.
Unilever said the US Securities and Exchange Commission is currently unable to declare effective the registration statement required for The Magnum Ice Cream Company shares to be admitted to trading.
The Magnum Ice Cream Company (TMICC), which will have a triple listing of New York, London and Amsterdam, will house Magnum, Ben & Jerry’s, Cornetto and Wall’s. It will have a global market share of about 21 per cent.
But Congress remains deadlocked on funding legislation, with Democrats refusing to support a bill without provisions addressing healthcare subsidies. The shutdown is already one of the longest in US history.
According to one report, each week of shutdown could cost up to $7bn (£5.23bn), with another suggesting a $15bn loss in GDP.
Unilever committed to float in 2025
Unilever said that preparatory work for the demerger of its ice-cream business is “on track and progressing well”, and it remained “committed to and confident of” launching TMICC in 2025.
It said further updates on the revised timetable “will be provided as soon as practicable”.
Barclays analysts estimate the expected share price for TMICC to be between €20 and €22 per share, which would give it a total market value of approximately €10bn.
The ice cream business, which has been operating as a standalone company since July 1, grew 5.9 per cent to €4.6bn in the first half of 2025.
After the demerger, Unilever will retain a minority stake of less than 20 per cent for up to five years, although this will be sold over time.