Unilever delays Magnum ice cream demerger amid US government shutdown
Key takeaways
- The US Securities and Exchange Commission cannot process filings due to the ongoing government shutdown, postponing the planned New York listing for Magnum Ice Cream Company.
- Despite the delay, Unilever affirms the demerger will proceed by year-end, with Amsterdam listing originally targeted for November 10.
- The ice cream spin-off follows Unilever’s March 2024 restructuring move, including 7,500 job cuts and plans to save €800 million.
The US government shutdown is having an impact on big business as Unilever revises its timeline for the demerger of the Magnum Ice Cream Company. However, the multinational consumer goods giant says it remains committed to the spin-off and will push forward with plans by the end of the year.
The US government shutdown began on October 1, 2025, and shows no signs of ending.
Unilever has now officially delayed the planned demerger of its ice cream business because the US Securities and Exchange Commission cannot process a registration statement during the shutdown, which means it cannot be listed and traded on the New York Stock Exchange at this time.
A statement from the company reads: “Unilever announces a revision to the timetable for the demerger of the Magnum Ice Cream Company, as a result of the ongoing US federal government shutdown. 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.”
Unavoidable demerger delay
Unilever is understood not to be concerned over the delay, which is unavoidable in the circumstances.
The Magnum unit was scheduled for Amsterdam listing on November 10, with planned secondary listings in New York and London.
Once the US government shutdown is over, Unilever will press ahead as planned.
Magnum spin-off
Unilever voted to spin off its ice cream division into a standalone business and cut 7,500 jobs in March 2024. The separation began immediately and was part of an overhaul the company said at the time would save around €800 million (US$927 million) in costs over three years.
Unilever delays the Magnum Ice Cream demerger as the US government shutdown halts SEC filings.
Unilever will retain a 19.9% stake in the ice cream business, which includes Magnum, Ben & Jerry’s, and Cornetto.
The company board has previously stated that Unilever should be increasingly focused on a portfolio of “unmissably superior brands with strong positions in highly attractive categories that have complementary operating models.” Unilever believes this is where the company can most effectively apply its innovation, marketing, and go-to-market capabilities.
At the time of the demerger announcement in March 2025, the company said that ice cream has a very different operating model, and, as a result, the board decided that the separation of ice cream is best for future growth of both ice cream and Unilever.
Unilever — which saw its CEO Hein Schumacher step down earlier this year, and replaced by chief financial officer and executive director Fernando Fernandez — is also selling its Vegetarian Butcher brand to Dutch plant-based foods company Vivera.
