Ongoing federal shutdown prevents SEC from approving Magnum Ice Cream listing, forcing Unilever to revise its timeline
Unilever have postponed the planned demerger and listing of The Magnum ice cream company owing to the ongoing US federal government shutdown, which has halted regulatory approvals. The company said a revised timeline will be announced once the situation normalises, as per Reuters Reports.
The delay stems from the US Securities and Exchange Commission’s (SEC) inability to declare effective the registration statement required for Magnum’s shares to be listed on the New York Stock Exchange. The shutdown, which began on 1 October 2025, has entered its third week and is now the third-longest in U.S. history.
With only 393 of its 4,289 employees working, the SEC is unable to review filings or declare registration statements effective, although its EDGAR system continues to accept submissions. This has prevented Unilever from proceeding with the planned November 10 listing on the NYSE and parallel listings on the London Stock Exchange and Euronext Amsterdam.
Unilever had initially scheduled the demerger for November 8, 2025, with the share listing two days later. The company had already cautioned about potential delays in its shareholder circular published on October 2.
The demerger will create a standalone, publicly traded ice cream company comprising brands such as Magnum, Ben & Jerry’s, Cornetto, and Wall’s. Shareholders will receive one Magnum share for every five Unilever shares held. Unilever plans to retain a minority stake of under 20 per cent for up to five years, to be gradually sold to cover separation costs and support capital flexibility.
Unilever said preparatory work remains on track and that it still aims to complete the separation within 2025. The ice cream division reported 7.1 per cent sales growth in the second quarter, the highest among Unilever’s segments, and 5.9 per cent growth to EUR 4.6 billion in the first half of the year, supported by higher volumes and pricing.
The Magnum Ice Cream Company has been operating independently within Unilever since July 1, 2025, led by CEO Peter ter Kulve and CFO Abhijit Bhattacharya. Barclays estimates its global market share to be approximately 21 per cent and its potential market value to be around EUR 10 billion upon listing.
Unilever confirmed that its general meeting on October 21, 2025, will proceed as planned to vote on the proposed share capital consolidation related to the demerger. The implementation timeline for this will be aligned with the revised demerger schedule.
