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Unilever delays Magnum demerger timeline
- On Tuesday, Unilever said it is delaying the demerger of its Magnum ice cream unit because of the US federal government shutdown that started on October 1.
- Regulatory paralysis tied to the shutdown has blocked New York approvals as the US Securities and Exchange Commission was unable to declare effective the registration statement.
- The spin-off had been due to list in Amsterdam on November 10 with secondary listings in New York and London, and the unit includes Ben & Jerry's and Cornetto.
- Unilever confirmed shareholders will still meet today to vote on share consolidation, while investors worry partisan gridlock could dent the IPO market and the US government has said the shutdown may cost the economy as much as $15 billion a week.
- Unilever said preparatory work remains on track and it is still confident of implementing the demerger later this year, noting companies can use the 20-day automatic effectiveness option for IPO pricing.
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Due to the US government shutdown, Unilever's ice cream division, The Magnum Ice Cream Company, will not go public on November 10th as planned. When it will go public is anyone's guess. Unilever expects it to happen this year. Meanwhile, the food giant's stock is plummeting.
·Amsterdam, Netherlands
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Unilever Delays Magnum Demerger Timeline on US Government ...
·New York, United States
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Evening Standard+3 Reposted by 3 other sources
Unilever says ice cream spin-off delayed by US government shutdown
The company stressed it is still ‘confident’ of launching the demerger later this year despite the delay.
·London, United Kingdom
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Unilever has been forced to postpone the IPO of its ice cream division due to the US government shutdown, the company announced Tuesday. The Magnum…
·Netherlands
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Coverage Details
Total News Sources30
Leaning Left4Leaning Right4Center6Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 29%
C 43%
R 28%
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