Unilever's Magnum Spin-Off Delayed by U.S. Shutdown

Unilever has delayed its spin-off of the Magnum Ice Cream unit due to the U.S. government shutdown. The shutdown has affected global businesses, halting IPO reviews by the SEC. Despite the setback, Unilever intends to complete the spin-off this year, while retaining a 19.9% stake in Magnum.

On Tuesday, Unilever announced the delay of its Magnum Ice Cream unit's spin-off due to the U.S. government shutdown. The global disruption is another consequence of the ongoing impasse, as evidenced by the U.S. Securities and Exchange Commission's inability to process necessary listings for The Magnum Ice Cream Company on the New York Stock Exchange.

The primary listing was initially scheduled for November 10 in Amsterdam, with additional listings planned in New York and London. Despite the postponement, Unilever plans to maintain a 19.9% stake in the ice cream entity, which encompasses popular brands like Magnum, Ben & Jerry's, and Cornetto.

Preparations for the spin-off are progressing well, according to Unilever. Even as investor concerns linger regarding the uncertainties caused by Washington's political gridlock, Unilever continues to focus on the long-term growth prospects of its enterprise. Meanwhile, other businesses, such as DeepGreenX Group, have been similarly impacted by the SEC's halted IPO reviews during the shutdown.

(With inputs from agencies.)