Core Viewpoint - Doubts have arisen regarding the future role of Anuradha Mittal as chair of Ben & Jerry's board in the context of its parent company Unilever's ice cream spin-off, The Magnum Ice Cream Company (TMICC) [1][4]. Group 1: Leadership Changes - Anuradha Mittal joined Ben & Jerry's in 2007 and became the independent chair in 2018, prior to Unilever's acquisition of the company [2]. - The SEC filing suggests that Mittal may no longer meet the criteria to serve on the Ben & Jerry's board, following internal investigations [4]. Group 2: Disputes and Autonomy - The situation escalated after co-founder Jerry Greenfield's departure amid disputes with Unilever over the company's autonomy and adherence to its social values [3]. - Cohen and Greenfield have expressed concerns about Unilever's influence, requesting that Ben & Jerry's operate as an independently owned company rather than being absorbed into TMICC [7]. Group 3: Potential Legal Actions - The SEC filing indicates that the group may consider legal actions against TMICC and/or Unilever based on the results of the internal investigations [5]. - There is a possibility that the Ben & Jerry's board may initiate proceedings against the group or its employees as a response to the findings [6].

Core Viewpoint - The Magnum Ice Cream Company has determined that the chair of Ben & Jerry's independent board no longer meets the criteria to serve, following internal investigations, indicating escalating tensions between the two brands as Unilever prepares for the spin-off of the Magnum division [1][2][3]. Group 1: Internal Investigations and Board Changes - Magnum's filing states that after investigations by external advisers, the current chair of Ben & Jerry's is deemed unfit to serve on the board [3]. - The nature of the investigations has not been disclosed, raising questions about the implications for Ben & Jerry's governance [3][5]. - Magnum has communicated its findings to Ben & Jerry's board and is awaiting a response to determine its next steps [5]. Group 2: Background and Context - Ben & Jerry's independent board, chaired by Anuradha Mittal, has been involved in advocacy on controversial topics, which has drawn criticism from Unilever [4]. - The merger agreement from 2000 stipulates that replacing board members requires a majority vote, complicating Magnum's ability to enforce changes [6]. - Tensions between Unilever and Ben & Jerry's have been ongoing since 2021, particularly regarding the brand's stance on political issues, including its decision to stop sales in the Israeli-occupied West Bank [7].

Group 1: Magnum Ice Cream Co (MICC) Demerger and Listing - Magnum Ice Cream Co (MICC) is preparing for a triple listing on the London Stock Exchange, New York Stock Exchange, and Euronext Amsterdam, following its demerger from Unilever, expected in mid-November 2025 [1][2] - The demerger process is projected to incur costs of €800 million, with approximately 55% of these costs already incurred [1] - Unilever will retain a minority stake of less than 20% in Magnum for up to five years, which will be sold to cover separation costs and maintain capital flexibility [2] - Magnum reported €7.9 billion in revenue and €1.3 billion in adjusted EBITDA for 2024, holding an approximate 21% global retail market share [2] - The company has established a stable dividend policy, targeting a payout ratio of 40-60% of adjusted net income, with the first dividend expected in the first half of 2027 [2] Group 2: Corporate Earnings - Amgen (AMGN) reported a 12.4% year-on-year increase in sales to $9.56 billion, driven by strong performance from new inflammation drugs and cholesterol therapy Repatha [7] - Following its strong performance, Amgen raised its full-year profit and revenue guidance, with adjusted EPS now expected between $20.60 and $21.40 and revenue between $35.8 billion and $36.6 billion [7] - Super Micro Computer (SMCI) issued a weak profit forecast for the current quarter, adjusting its first-quarter fiscal 2026 revenue estimate to approximately $5 billion, down from $6-$7 billion [8] - Despite the short-term setback, Super Micro maintained its full-year revenue forecast of at least $33 billion, citing strong AI demand and a $12 billion backlog of new orders [8] - AMD (AMD) beat its Q3 expectations with revenues of $9.25 billion and adjusted EPS of $1.20, but its Q4 outlook did not meet investor expectations [8] Group 3: Canada's Financial Sector Reforms - Canada's government is targeting competition within its financial sector by tackling fees, simplifying the process for consumers to switch banks, and reducing regulatory burdens for smaller lenders [9] - The initiative includes prohibiting investment and registered account transfer fees, which currently cost Canadians an average of $150 per account [9] - The government plans to increase the amount of immediately available deposited cheque funds to $150 from $100 [9] Group 4: Economic Indicators - New Zealand's unemployment rate for Q3 rose to 5.3%, with no employment growth quarter-over-quarter and a year-over-year decline of -0.6% [11] - In the United States, API crude oil inventories surged by 6.5 million barrels, significantly exceeding forecasts that anticipated a draw of 2.4 million barrels [12]

Core Viewpoint - Unilever expects to complete the spin-off of its Magnum Ice Cream unit by December 6, following a delay due to the U.S. government shutdown [1] Company Summary - The spin-off of the Magnum Ice Cream unit is part of Unilever's strategic restructuring efforts [1] - The completion date of December 6 indicates a timeline for investors and stakeholders to anticipate the finalization of this corporate action [1]

Core Viewpoint - Unilever Plc has postponed the demerger of its Magnum Ice Cream Co. due to the US government shutdown, but it still anticipates completing the spinoff within the year [1][3]. Group 1: Demerger Details - The demerger was initially scheduled for mid-November, with primary listings planned in the Netherlands and secondary listings in London and New York [3]. - Unilever is exploring alternative methods to facilitate the ice cream company's listing on the NYSE, as the SEC has established a process for IPOs to proceed during the government shutdown, albeit with a delay [4]. Group 2: Business Performance - Unilever has been working on the separation of its ice cream division since last year to revitalize its business and address sluggish growth, as the unit has faced inconsistent performance due to seasonality, high production costs, and rising cocoa prices [5]. - Recently, sales in the ice cream unit have shown improvement, particularly in the US, which is the largest market for its brands, including Ben & Jerry's, Breyers, and Magnum [6]. Group 3: Shareholding Post-Demerger - Following the split, Unilever will retain approximately 20% of Magnum's share capital for a period of up to five years [7].

Core Viewpoint - Unilever has delayed the demerger of its ice-cream business due to the US government shutdown, affecting the timeline for the spin-off and subsequent stock market listings [1][2]. Group 1: Demerger Details - The spin-off of the ice-cream business, expected to be finalized in mid-November, is now postponed, with no new timetable set [1][2]. - Unilever remains committed to the demerger, aiming for implementation in 2025, despite the current delays [3]. - The company will retain a 20% interest in the new entity, The Magnum Ice Cream Company (TMICC), for up to five years [3]. Group 2: Financial Performance - In the first half of the year, Unilever reported underlying sales growth (USG) of 3.4%, with a turnover of €30.1 billion ($34.9 billion) [6]. - Ice-cream sales outperformed other segments, achieving a USG of 5.9% and a turnover of €4.6 billion, with a volume increase of 3.8% [6]. - The rest of the food business underperformed, with a USG of 2.2% and a turnover of €6.6 billion [6]. Group 3: Shareholder Actions - Shareholders approved the post-consolidation of shares following the spin-off, but this process will also be delayed due to the US government shutdown [4][5]. - The share consolidation aims to maintain comparability in share price, earnings per share, and dividends before and after the demerger [5]. Group 4: Separation Costs - Unilever anticipates incurring €800 million in separation costs related to the ice-cream spin-off, primarily for technology, with 80% expected to be realized by the end of 2026 [7].

Core Viewpoint - Unilever is postponing the spin-off of its ice cream business due to the U.S. government shutdown, but still aims to complete the divestiture by 2025 [1][3]. Group 1: Spin-off Details - The initial plan was to separate The Magnum Ice Cream Company on November 10, creating the largest ice cream-only business with $9.3 billion in sales and a portfolio including brands like Ben & Jerry's, Talenti, and Klondike [2]. - Unilever has not received clearance from the SEC, which is necessary for the registration statement to be effective and for Magnum's shares to be listed on the New York Stock Exchange [3]. - Despite the delay, Unilever remains committed to the demerger and believes the preparatory work is progressing well [3]. Group 2: Impact of U.S. Government Shutdown - The U.S. government has been shut down since October 1, affecting the SEC's operations and its ability to review company filings [4]. - The shutdown has limited the SEC's capacity to respond to filings or shareholder proposals, impacting Unilever's spin-off timeline [4]. Group 3: Strategic Rationale - Unilever is restructuring to simplify its operations, with the ice cream business requiring focused attention due to its distinct characteristics, including seasonality and capital intensity [5]. - The new business will prioritize innovation, distribution, and supply chain strengthening, benefiting from a premium portfolio that appeals to a diverse consumer base [6]. - The focus on frozen novelties is expected to unlock new opportunities for the brands involved [7].

Unilever revises the timetable for its demerger of Magnum Ice Cream due to the ongoing government shutdown in the US https://t.co/9izocG6b53 ...

Core Insights - The partnership between Magnum Ice Cream Company and NotCo aims to leverage AI for product innovation and address complex formulation challenges in response to changing consumer preferences [3][4][9] - Unilever's Magnum division generated $9.3 billion in revenue last year and is set to become the largest ice cream company globally following its planned spin-off [9] Group 1: Consumer Preferences and Challenges - Consumer preferences regarding portion sizes, sustainability, nutrition, flavors, and ingredients present complex challenges for food companies [3] - The collaboration with NotCo is intended to unlock smarter ways to innovate while maintaining product quality and consumer experience [4] Group 2: AI Integration in Product Development - Magnum will utilize NotCo's Giuseppe AI platform to enhance product innovation and tackle formulation challenges [5] - Other companies in the food and beverage sector, such as Kraft Heinz and Coca-Cola, are also integrating AI into their operations for product development and operational efficiency [7] Group 3: Strategic Partnerships - The partnership with NotCo is part of a broader trend, as NotCo has previously collaborated with Kraft Heinz to create plant-based versions of popular products [8] - The collaboration aims to combine Magnum's consumer insights and ice cream expertise with NotCo's advanced AI capabilities for faster product development [9]

Core Points - Jerry Greenfield, co-founder of Ben & Jerry's, has resigned after 47 years, citing Unilever's failure to uphold commitments regarding social justice made during the acquisition of the brand [2][7] - The resignation highlights ongoing tensions between the founders and Unilever, particularly regarding the independence of Ben & Jerry's to address social issues [3][5] Summary by Sections Resignation Announcement - Jerry Greenfield's resignation is a significant event for Ben & Jerry's, marking the end of a 47-year partnership with the brand [2][7] - Greenfield expressed that the original agreement with Unilever was intended to protect the company's social mission and values, which he believes have been compromised [3] Unilever's Response - Unilever acknowledged Greenfield's contributions and stated that it disagrees with his perspective, emphasizing efforts to engage in constructive dialogue with both co-founders [4][7] - The company remains committed to upholding the legacy of Ben & Jerry's, focusing on its values-based position in the market [4] Historical Context - The relationship between the co-founders and Unilever has been contentious, with previous conflicts arising over social issue statements, including a lawsuit filed by the founders for alleged suppression of their views on the Gaza conflict [5]