Unilever Weighs New York Listing for Ice Cream Business Amid Dutch Concerns:
Exploring a US Listing for Growth :
Unilever Plc is considering listing its ice cream division in New York, a move that could spark criticism in the Netherlands, where the unit is currently based. Sources familiar with the discussions reveal that the company is evaluating multiple options, with the US standing out due to its large market for Unilever's ice cream brands like Ben & Jerry’s and Breyers. Other possible locations include Amsterdam and London.
Potential Multi-Market Listing :
The company may opt for a single exchange or a multi-market listing, depending on financial and regulatory factors. Key considerations include tax implications, accounting standards, and prior commitments to the Dutch government. Unilever aims to finalize the separation of its ice cream unit by the end of 2025.
European Market Impact :
A New York listing would reflect a growing trend of European companies moving to US exchanges, where liquidity and valuations are often higher. The decision could also intensify political pressure from the Dutch government, which has urged Unilever to list its broader food operations domestically, following past commitments made by former CEO Alan Jope.
Possible £15 Billion Valuation :
Unilever previously engaged in preliminary talks with buyout firms about selling its ice cream division. Bloomberg News reported in July 2024 that the business could be worth up to £15 billion ($18.6 billion).
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Controversy Over Ben & Jerry’s Stance :
Unilever has also faced challenges related to Ben & Jerry’s political activism. In late 2022, the brand's independent board sued Unilever, accusing it of suppressing its advocacy for Palestinian rights. The dispute continues to create tensions around the brand's management.
Stock Performance and Future Outlook :
Despite these challenges, Unilever’s stock has surged by approximately 20% over the past year, pushing its market capitalization to around £115 billion. The company is expected to finalize its decision on the ice cream division’s listing in the coming months.
