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Unilever delays ice-cream demerger due to US govt shutdown
(Sharecast News) - UK consumer goods conglomerate Unilever PLC has been forced to delay its ice-cream unit demerger due to the ongoing US federal government shutdown which is stalling a legal registration needed to list its shares in New York. While the company did not publish a new timescale for the delay, it said preparatory work for the demerger of the Magnum Ice Cream Company was "on track and progressing well", adding that it was "committed to and confident of" implementing the plan this year.
Shares in the Wall's and Magnum maker are scheduled to start trading in Amsterdam on November 10 with secondary listings in New York and London. The US shutdown means public federal agencies, including the Securities and Exchange Commission, are running on reduced staff levels or closed.
Unilever added that the general meeting of shareholders to vote on the proposed consolidation of its share capital in connection with the demerger "will proceed as scheduled today at 8.00 (BST)" although the timetable for implementation of the consolidation - if approved - would also be revised.
New chief executive Fernando Fernández is spinning off the division as part of a pivot towards beauty and personal care products.
Reporting by Frank Prenesti for Sharecast.com
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