Unilever boss Hein Schumacher to spin off company’s ice cream business next year
Unilever is talking to the Government about the possibility of listing its ice cream business in London rather than Amsterdam or New York.
Boss Hein Schumacher will spin off a £15bn business that includes household names such as Ben & Jerry’s, Wall’s and Magnum next year.
The Dutch chief executive was cagey about whether Chancellor Jeremy Hunt had been involved in the talks but said there had been “regular updates with people in the government”.
But London’s troubled stock market faces stiff competition from the Amsterdam and New York stock exchanges.
Schumacher said Unilever would examine “all options on the table.” “We’re really at the beginning,” he said, adding that “dedicated project teams are advancing the work at a good pace.”
The comments came as the maker of Dove soaps and Hellmann’s mayonnaise sold 2.2 per cent more products in the first quarter of 2024, lifting shares 5.6 per cent to 4,082 pence.
And he insisted he was “doubling down, not diluting” his stance on plastic packaging, pay and diversity.
Last week, the company withdrew some sustainability promises amid a backlash from investors.
It is believed that London would be a natural home for his ice cream firm, as it is where Unilever is listed and is the birthplace of Wall’s, in 1922.
But Dutch officials believe Amsterdam is the favorite.
London could get a rare listing as Athens-listed Greek industrial conglomerate Mytilineos, valued at £4.7bn, considers a multi-billion pound IPO.