Unilever has warned that the spin-off of its ice cream business has been delayed by the US federal government shutdown.
The consumer goods giant is moving forward with the spinoff of Magnum Ice Cream Company, which also owns Ben & Jerry's and Cornetto.
However, it told shareholders Tuesday that the U.S. Securities and Exchange Commission currently cannot approve its registration for listing on the New York Stock Exchange.
The new company will have a primary listing in Amsterdam, but also a secondary listing in New York and London.
The spin-off was expected to take place next month, and its Dutch listing was scheduled for November 10.
Unilever stressed that it is still “confident” of launching the spin-off later this year despite the delay.
The delay was related to the federal government shutdown that began Oct. 1 after a dispute between Democrats and Republicans over budgets.
In a statement, the company said: “The preparatory work for the demerger is on track and progressing well, and Unilever remains committed and confident to implement the demerger in 2025.
“Further updates on the revised schedule will be provided as soon as possible.”
Unilever shareholders will meet later on Tuesday to vote on a share restructure ahead of the spin-off.
