Unilever's Sweeping Move: Ice Cream Business Heads to Amsterdam Stock Exchange

Unilever announced the demerger of its ice cream business, choosing Amsterdam as the primary listing site. This decision impacts British finance minister Rachel Reeves, who aimed to retain the business in London. The ice cream division, generating €8.3 billion in turnover, will list on three major stock exchanges.

In a strategic move, Unilever revealed the demerger of its ice cream division, opting for Amsterdam as its primary listing venue. This decision, announced alongside a €1.5 billion share buyback and annual results, stands as a setback for UK finance minister Rachel Reeves, who sought to keep the business tied to London.

The CEO, Hein Schumacher, previously announced cost-cutting measures and the separation of the ice cream arm, which houses brands like Magnum and Wall's, generating a substantial €8.3 billion in 2024 turnover. The separated unit will be listed on stock exchanges in Amsterdam, London, and New York.

While UK efforts to retain major business entities continue amidst new listing reforms, the move to Amsterdam underscores a perceived competitive advantage. The Netherlands' economic affairs minister hailed the decision, reflecting Unilever’s trust in the Dutch business ecosystem.

(With inputs from agencies.)