Dec 8 (Reuters) - Unilever announced on Monday it will consolidate its shares at a ratio of 8 new shares for 9 existing shares, after it completed the demerger of its ice cream business Magnum. The
Unilever to Consolidate Shares Following Magnum Demerger
Dec 8 (Reuters) - Unilever announced on Monday it will consolidate its shares at a ratio of 8 new shares for 9 existing shares, after it completed the demerger of its ice cream business Magnum.
The company completed the demerger of the ice cream unit - whose cold supply chain demands more complex operations than its other food brands - on December 6, making Magnum the world's biggest standalone ice cream business.
The post-consolidation Unilever shares will have a nominal value of 0.035 pounds ($0.0466) each, and are expected to begin trading on the London Stock Exchange on December 9.
Magnum began trading on the Amsterdam stock exchange on Monday at 12.96 euros per share, implying a market capitalisation of $9.24 billion.
($1 = 0.7506 pounds)
(Reporting by Unnamalai L in Bengaluru; Editing by Krishna Chandra Eluri)
