Unilever PLC (LSE:ULVR) said it will complete the demerger of its ice-cream arm, now renamed The Magnum Ice Cream Company (TMICC), on Saturday 6 December, with the new business set to begin trading on Monday 8 December in Amsterdam, London and New York.
The update follows the publication of TMICC’s prospectus for its listings on Euronext Amsterdam and the London Stock Exchange, and confirmation that its US registration statement has become effective ahead of a New York Stock Exchange debut.
The spin-off is one of the biggest structural changes Unilever has undertaken in years and will leave the group focused on beauty, wellbeing, home care and nutrition. TMICC will house brands including Magnum, Wall’s, Ben & Jerry’s, Cornetto and Popsicle.
Unilever also reminded shareholders of a planned share consolidation that will take place shortly after the demerger.
The move, previously approved by investors, will reduce the number of Unilever shares in issue while increasing their nominal value.
The aim is to keep the share price and per-share metrics broadly comparable before and after the demerger, avoiding distortions to measures such as earnings per share and dividends per share.
The company said further announcements on the consolidation timetable will follow and urged investors to read October’s circular for full details.