Unilever has warned the demerger of its ice cream business has been delayed by the shutdown of the US federal government.
The consumer goods giant, whose ice cream division is based in Gloucester, is currently pushing ahead with the spin-off of the Magnum Ice Cream Company, which also owns Ben & Jerry’s and Cornetto.
However, it told shareholders on Tuesday (October 21) the US Securities and Exchange Commission is currently unable to approve its registration for a listing on the New York Stock Exchange.
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The new business will have a primary listing in Amsterdam but will also have secondary listing in New York and London.
The spin-off had been expected to take place next month, with its Dutch listing planned for November 10. Unilever stressed it is still “confident” of launching the demerger later this year despite the delay.
The delay was linked to the federal government shutdown which started on October 1, after a row between Democrats and Republicans over budgets.
In a statement, the company said: “The preparatory work for the demerger is on track and progressing well, and Unilever remains committed to and confident of implementing the demerger in 2025.
“Further updates on the revised timetable will be provided as soon as practicable.”
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Shareholders pf the FTSE-100 firm will meet later on Tuesday to vote on a share restructuring ahead of the demerger.
In July, Unilever reported a decline in profit due to costly disposals and adverse currency fluctuations. The company recorded a turnover of €30.1bn - a decrease of 3.2% year on year.
Turnover in the ice cream division, which represents 15% of sales, rose 5.9% per cent to €4.6bn, although underlying operating profit fell 2.2%, as reported by .