Unilever delays ice cream demerger on US federal shutdown

Magnum Ice Cream Co. is planning secondary listings in London and New York

Unilever Plc pushed back its demerger of The Magnum Ice Cream Company due to the government shutdown in the US, though it expects to complete the spinoff this year.

The US Securities and Exchange Commission is unable to declare effective the US registration statement required for the ice-cream company’s shares to be admitted to the New York Stock Exchange, the Anglo-Dutch consumer goods company said Tuesday.

Unilever has been working on splitting off its under-performing ice cream unit, which includes the Ben & Jerry’s brand, since last year as it seeks to revamp its business and revive sluggish growth.

The demerger was previously on track for mid-November, with a primary listing in the Netherlands.

Magnum Ice Cream Co. is planning secondary listings in London and New York. The US is the biggest market for Unilever’s ice cream brands, which also include Breyers and Magnum.

Shares in the ice cream unit were scheduled to be listed in Amsterdam, New York and London on November 10.