Magnum debuts on the Amsterdam Stock Exchange with slight increases and completes its spin-off from Unilever
Ice cream company shares The Magnum Ice Cream Company (TMICC) began trading this Monday on the Amsterdam Stock Exchange at 12.20 euros per share, below the reference price of 12.80 euros which Euronext established last Friday. However, at midday, Magnum shares were already trading at around 12.80 euros per share.
In this way, the consumer products giant Unilever completed the spin-off of The Magnum Ice Cream Company this weekendwhose shares have been traded since Monday on the London and Amsterdam Stock Exchanges. Trading on the New York Stock Exchange will begin this Monday afternoon.
The European multinational had to delay the schedule planned for the spin-off of The Magnum Ice Cream Company on October 21. A process that contemplated completing the spin-off and going public in mid-November and that was postponed as a result of the US federal government shutdown.
Changes in Spain
In Spain, Unilever’s ice cream business has been under the control of a new subsidiary since July 1which has assumed most of the Unilever Spain workforce. It should be remembered that the brand is still leader in this segment which, according to specialized media, reaches 21% of the market in terms of value.
The owner of brands such as ‘Dove’, ‘Frigo’ or ‘Hellmann’s’ will retain a stake of less than 20% for a period of up to five years in the new company, which has operated independently since July 1 within the framework of the process to complete its spin-off. This new company listed primarily on the Amsterdam Stock Exchange, while London and New York host secondary listings. The company will be led by Peter ter Kulve as CEO and Abhijit Bhattacharya as CFO.
