Unilever PLC (LON: ULVR) finalized the demerger of its ice cream division on Saturday, December 6, 2025, creating The Magnum Ice Cream Company N.V. (TMICC).
Trading in TMICC shares (ticker: MICC) commences today, December 8, 2025, across Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange.
The newly independent TMICC will now navigate the competitive global ice cream market, focusing on its portfolio of brands. The demerger is expected to allow both Unilever and TMICC to pursue distinct growth strategies and capital allocation policies.
Unilever shareholders previously approved a share consolidation at the General Meeting held on October 21, 2025, in connection with the Demerger. The share consolidation aims to maintain comparability between Unilever's share price and per-share metrics before and after the separation, including earnings per share and dividends per share.
The Share Consolidation is expected to take place after market close today, December 8, 2025, and become effective tomorrow, December 9, 2025. The consolidation ratio will be announced later today, providing clarity on the impact on existing shareholders' holdings.
Admission and dealings in the new ordinary shares of Unilever following the Share Consolidation will begin on Tuesday, December 9, 2025, on the London Stock Exchange and Euronext Amsterdam. Trading of new Unilever American Depositary Shares will also commence on the New York Stock Exchange on the same day.
Analyst Summary: Bull and Bear Cases
Bull Case:
- The demerger allows Unilever to concentrate on its core consumer goods portfolio, potentially improving operational efficiency and resource allocation.
- TMICC gains independence in its capital allocation, enabling it to pursue growth opportunities specific to the ice cream market.
- The share consolidation is designed to minimize disruption to Unilever's share price and per-share metrics, providing a smoother transition for investors.
- This strategic shift could unlock value through increased focus and tailored investment strategies for both Unilever and the new ice cream company.
Bear Case:
- The demerger and consolidation introduce a period of adjustment for shareholders.
- The market performance of the newly independent TMICC and the effectiveness of Unilever's post-consolidation strategy are yet to be proven.
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