Unilever revises Magnum demerger timetable on US govt shutdown

(Sharecast News) - UK consumer goods conglomerate Unilever PLC has been forced to revise the timetable for its planned ice-cream unit demerger due to the ongoing US federal government shutdown which is stalling a legal registration needed to list its shares in New York. The company said preparatory work for the demerger of the Magnum Ice Cream Company is "on track and progressing well", adding that it was "committed to and confident of implementing the plan this year.

Shares in the Wall's and Magnum maker are scheduled to start trading in Amsterdam on November 10.

Unilever added that the that the general meeting of shareholders to vote on the proposed consolidation of its share capital in connection with the demerger "will proceed as scheduled today at 8.00 (BST)" although the timetable for implementation of the consolidation - if approved - would also be revised".

Reporting by Frank Prenesti for Sharecast.com