Unilever PLC
Separation of Unilever’s Ice Cream Business – Publication of Shareholder Circular
On 19 March 2024, Unilever PLC (“Unilever“) announced its intention to separate its ice cream business. After a comprehensive review of the separation options, Unilever announced on 13 February 2025 that separation would be implemented through a demerger (the “Demerger“). The Demerger would result in The Magnum Ice Cream Company N.V. (“TMICC“), a company incorporated and headquartered in the Netherlands, becoming a listed company separate from Unilever.
In connection with the Demerger and conditional on its completion, it is also proposed that Unilever undertakes a consolidation of its share capital (the “Share Consolidation“), which is intended to maintain (so far as practicable) comparability between Unilever’s share price and per share metrics (including earnings per share and dividends per share) before and after the Demerger.
Unilever has today published a circular to shareholders in relation to the Demerger and Share Consolidation (the “Circular“). The Share Consolidation requires the approval of Unilever shareholders, which will be sought at a general meeting (“General Meeting“) to be held at 8:00 a.m. (UK time) on 21 October 2025 at the offices of Linklaters LLP, One Silk Street, London EC2Y 8HQ. The approval of Unilever shareholders is not required for the Demerger.
The Circular contains information on the Demerger and the Share Consolidation, and the notice of meeting for the General Meeting in relation to the Share Consolidation. Proxy forms for the General Meeting have been posted or made available to the shareholders today.
Unilever shareholders are encouraged to read the Circular in full.
Proposed timetable
The General Meeting will be held at 8:00 a.m. (UK time) on 21 October 2025 at the offices of Linklaters LLP, One Silk Street, London EC2Y 8HQ.
Subject to the satisfaction of certain conditions, the Demerger is expected to complete on 8 November 2025. Admission of the TMICC shares to listing and trading, and the commencement of dealings in TMICC shares, are anticipated to take place on 10 November 2025. Notwithstanding the above, if the board of Unilever (the “Unilever Board“) determines at any time that the Demerger no longer continues to be in the best interest of Unilever and its shareholders, it is entitled to decide not to proceed with the Demerger.
Subject to the completion of the Demerger and the approval of shareholders at the General Meeting, the Share Consolidation will become effective on 11 November 2025 (or such other date as the Unilever Board may determine).
Further information on the key dates in relation to the Demerger and Share Consolidation can be found in the Circular. If any of the expected times and/or dates change, the revised times and/or dates will be notified to Unilever shareholders and Unilever ADS holders by an announcement through a RNS and on Unilever’s website.
Availability of documentation
The Circular is available on the Company’s website at: www.unilever.com/gm.
In compliance with UK Listing Rule 6.4.1, a copy of the Circular has been submitted to the National Storage Mechanism and will in due course be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.