Unilever to List Ice Cream Division Primarily in Amsterdam, With Secondary Listings in London and New York
Unilever Plc has announced that its ice cream business will be primarily listed in Amsterdam, with additional secondary listings in London and New York once the division is officially spun off later this year. The decision affects brands such as Ben & Jerry’s, Breyers, and Magnum.
London Exchange Faces Setback
The choice of Amsterdam as the primary listing location is a disappointment for the London Stock Exchange, which had hoped to secure a leading role. The Dutch government had also advocated for an exclusive listing in the Netherlands. However, officials have expressed support for the multi-market approach, welcoming Unilever’s announcement.
Unilever had previously committed to listing its broader food business in the Netherlands when it decided to base itself in the UK in 2020. As part of this transition, the ice cream division moved its headquarters from Rotterdam to Amsterdam in late 2023.
CEO Defends the Decision
Speaking about the move, Unilever CEO Hein Schumacher emphasized the company’s commitment to its promises.
“When a company makes a commitment, it strives to fulfill it,” Schumacher stated. However, he denied that the decision was a snub to London, adding, “We are deeply committed to the success of the UK economy.”
Despite this, the announcement creates a political challenge for the British government, which has been working to enhance the UK’s appeal for international business—especially in light of recent economic policies and Brexit-related financial sector shifts.
Market Reaction and Investor Concerns
Following the news, Unilever’s stock in London dropped by as much as 7.9%, marking the steepest intraday decline in three years. This signals investor uncertainty about the decision.
Schumacher explained in an interview that the three-city listing strategy—in Amsterdam, London, and New York—was designed to avoid forced technical selling and allow existing shareholders to retain stakes in the ice cream division.
Why New York Matters
The United States is Unilever’s largest market for ice cream products, and many companies are increasingly opting for New York listings due to greater liquidity and higher market valuations.
Triple listings remain uncommon, with dual listings being a more frequent approach for companies seeking access to diverse capital markets. For instance, Hong Kong-listed CK Infrastructure Holdings Ltd. recently added a secondary listing in London, while New York-listed beauty brand Coty Inc. expanded its trading presence to Paris in 2023.
However, some companies are moving in the opposite direction, streamlining their listings to reduce costs. For example, travel company TUI AG dropped its London listing last year, citing higher liquidity in Frankfurt as a deciding factor.
