Magnum Debut Dampened by Ongoing Ben & Jerry's Dispute Following Unilever Spin-off
Shares of TMICC, the newly spun-off ice cream company from Unilever, began trading in Amsterdam at €12.20, below the reference price of €12.80. The stock is also listed in London and New York. This separation from Unilever, completed in early 2024, created the world's largest ice cream company, commanding approximately 20% of the global market.
The demerger was designed to allow Unilever to concentrate on its other brands such as Marmite, Dove, and Domestos, while capitalizing on the ice cream sector's projected growth of up to 4% annually through 2029. Following the spin-off, Unilever’s stock dropped about 3.1% on the FTSE 100.
However, the debut has been overshadowed by unresolved conflicts surrounding the Ben & Jerry's brand, which contributes around 14% of TMICC’s revenue. The dispute centers on a long-standing disagreement and TMICC's refusal to sell Ben & Jerry's back to its co-founders.
Additionally, TMICC is attempting to remove the chair of Ben & Jerry’s independent board, Anuradha Mittal, who reportedly no longer meets the criteria to serve after internal investigations. An audit by the Ben & Jerry’s Foundation identified deficiencies in financial controls and governance, placing crucial funding at risk if these issues are not addressed.
