(Reuters) -Consumer goods group Unilever said on Tuesday it expects to complete the spin-off of its Magnum Ice Cream unit, after a delay because of the U.S. government shutdown, by December 6. The delay underscores the disruptions caused by the three-week U.S. federal government shutdown with the U.S. Securities and Exchange Commission unable to declare […]
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Unilever expects to complete Magnum ice cream spin-off by December 6
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(Reuters) -Consumer goods group Unilever said on Tuesday it expects to complete the spin-off of its Magnum Ice Cream unit, after a delay because of the U.S. government shutdown, by December 6.
The delay underscores the disruptions caused by the three-week U.S. federal government shutdown with the U.S. Securities and Exchange Commission unable to declare the registration statement effective, which is required for shares of The Magnum Ice Cream Company to list and trade on the New York Stock Exchange.
The admission of shares of The Magnum Ice Cream Company, with a primary listing in Amsterdam and secondary listings planned in New York and London, is now expected to commence on December 8, rather than the earlier schedule of November 10, Unilever said.
The government shutdown is expected to cost the U.S. economy as much as $15 billion a week in lost output.
(Reporting by Shanima A in Bengaluru; Editing by Alan Barona and Tasim Zahid)