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Unilever spins off ice cream giant Magnum
(Sharecast News) - Unilever has completed the demerger of its ice cream business, home to Magnum and Ben & Jerry's, the Anglo-Dutch consumer goods giant confirmed on Monday. Trading in The Magnum Ice Cream Company got underway in Amsterdam on Monday, with secondary listings in New York and London.
As at 0830 GMT, the stock was largely flat in Amsterdam, with a market capitalisation of around €7.8bn.
The demerger is part of a wider strategy by Unilever - which owns around 400 brands, ranging from Hellman's and Pot Noodle to Persil and Lynx - to refocus its on beauty and personal care brands.
In common with many in the consumer goods sector, supply chain disruption and high inflation have squeezed margins in recent years.
Chief executive Fernando Fernandez - Unilever's former finance head - has been looking to strengthen sales and profits since taking on the role in February.
Magnum is now the world's largest standalone ice cream company. It commands more than a fifth of the global market, with annual revenues of around €8bn.
Unilever has retained a 19.9% stake in the business, which also owns Carte D'or, Cornetto and Solero. It is expected to sell down the holding over the next five years, however, to help cover demerger costs.
It has operated as a separate business since July, headed up by long-term Unilever executive Peter ter Kulve.
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