Unilever shareholders on Tuesday approved a share consolidation tied to the spinoff of its ice cream business, but the company said the deal's timetable will be delayed by the ongoing U.S. federal government shutdown.
The delay stems from the U.S. Securities and Exchange Commission's inability to declare effective the registration statement required for the new entity, The Magnum Ice Cream Company N.V., to list on the New York Stock Exchange, Unilever said in a filing.
The consumer goods giant had previously targeted a Nov. 8 completion for the demerger.
Unilever said it remains committed to implementing the separation in 2025 and that preparatory work is progressing well.
The company will provide updates on a revised timetable as soon as practicable, it said.
At a general meeting Tuesday, shareholders passed two special resolutions related to the share consolidation and the company's authority to purchase its own shares, with both receiving over 99.9% of votes in favor.
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