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Unilever is leaning in the direction of a twin and even triple itemizing of its ice cream enterprise, with Amsterdam more likely to be one venue for the float alongside London or New York, based on folks aware of the matter.
The corporate is planning to spin off its €15bn ice cream division which incorporates manufacturers corresponding to Magnum and Ben & Jerry’s, with a call set to be introduced on the itemizing venue by the top of March.
London-listed Unilever remains to be within the means of weighing up plenty of elements that might affect its alternative, folks aware of the method stated, and the result might change.
Nevertheless, the Netherlands is more likely to characteristic as one marketplace for the itemizing, a few of the folks stated, an consequence that might trigger consternation in London the place the group is headquartered.
Nelson Peltz, the activist investor and Unilever board member, has advocated for a US itemizing, a few of the folks stated. A consultant for Peltz’s Trian Fund Administration declined to remark. Unilever declined to remark.
A variety of UK-listed companies have in recent times moved their itemizing to the US, attracted by larger valuations and larger buying and selling liquidity. Unilever, nevertheless, will stay beneath strain to maintain a presence in its authentic house markets of the UK and the Netherlands.
Specifically, the corporate in 2020 gave assurances to the Dutch authorities that any future spin-offs from its meals and refreshment division could be listed within the Netherlands as a part of a plan to mix its twin Anglo-Dutch company construction right into a single London-based entity.
Final October, Unilever moved the headquarters of its ice cream division from Rotterdam to Amsterdam. One govt on the firm stated that internally the Netherlands was seen as a pure match for an inventory given the placement of its headquarters, and that the ice cream unit’s new chief govt, Peter ter Kulve, is Dutch.
At Unilever’s capital markets day in November, finance chief Fernando Fernandez stated he would offer the market with particulars within the first quarter of 2025, and that the division would turn out to be a standalone enterprise by July 1, with a full separation full by the top of the yr.
The corporate had beforehand shelved plans to run a sale course of meant to discover a non-public fairness purchaser and give attention to a push for a spin-off, the Monetary Instances reported.
Unilever is within the means of a wide-ranging restructure, which incorporates the spin-off of ice cream, job cuts and the sale of a string of underperforming manufacturers, together with small and native meals manufacturers amounting to £1bn in gross sales income.
Further reporting by James Fontanella-Khan in New York
