Magnum Ice Cream trades above reference price in market debut

(Alliance News) - Trading in the Magnum Ice Cream Co NV began on Monday after Unilever PLC said it completed the demerger of the business on Saturday.

In Amsterdam, shares in Magnum Ice Cream Co traded at EUR12.89, above the EUR12.80 reference price set by exchange operator Euronext on Friday. In London, shares traded at 1,124.80 pence each.

Trading in New York commences later on Monday.

With around 612.3 million shares in issue this implies a market value of EUR7.89 billion, below some market expectations.

Shares in Unilever traded 4.0% lower at 4,278.00 pence in London on Monday.

"We have a clear strategy to deliver growth, improve productivity and reinvest in TMICC in line with the medium-term targets we set out at our recent capital markets day," Magnum Chief Executive Peter ter Kulve said.

Unilever first announced plans to spin off its ice cream unit, which includes both the Ben & Jerry's and Magnum brands, in March last year.

Unilever on Monday said it expects its share consolidation, which shareholders approved at the general meeting on October 21, to take place after the market closes on Monday and take effect on Tuesday with the admission of the new shares to trading.

By Jeremy Cutler, Alliance News reporter

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