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Investing.com -- Unilever PLC (LON:ULVR) announced Tuesday that it has revised the timetable for the demerger of The Magnum Ice Cream Company N.V. due to the ongoing U.S. federal government shutdown.
The delay stems from the U.S. Securities and Exchange Commission’s current inability to declare effective the registration statement required for Magnum Ice Cream Company shares to be listed on the New York Stock Exchange.
Despite this setback, Unilever stated that preparatory work for the demerger is progressing well, and the company remains committed to completing the separation in 2025. The potential for this delay was initially mentioned in a shareholder circular published on October 2.
The general meeting of Unilever shareholders to vote on the proposed consolidation of the company’s share capital in connection with the demerger will proceed as scheduled today at 8:00 a.m., although the implementation timetable will also be revised if approved.