Ben & Jerry’s maker Magnum Ice Cream debuts on Amsterdam stock market
Packets of Walls Cornetto, Magnum and Ben & Jerry’s ice cream are displayed on March 20, 2024.
John Keeble | Getty Images News | Getty Images
Magnum Ice Cream Company, the world’s largest standalone ice cream business, on Monday debuted on the Amsterdam stock exchange.
The stock opened at 12.20 euros, slightly below its reference share price of 12.80 euros. Secondary listings are also taking place in London and New York.
“We became the global leader in ice cream as part of the Unilever family,” CEO Peter ter Kulve said Monday ahead of the debut. “Now, as an independent listed company, we will be more agile, more focused, and more ambitious than ever.”
Unilever first announced plans to spin off its ice cream unit, which includes Ben & Jerry’s and Magnum, in March last year.
The consumer goods giant faced pressure from investors to overhaul its sprawling business. Its ice cream division, which generated 7.9 billion euros ($9.2 billion) in revenue in 2023, would perform better as a stand-alone business.
But a series of public disputes with the founders of Ben & Jerry’s has threatened to overshadow the spinoff.
Speaking to the Financial Times, Magnum’s CEO Peter ter Kulve said Ben & Jerry’s co-founders Ben Cohen and Jerry Greenfield to “hand over to a new generation.” Cohen responded yt accusing Magnum of attempting to silence the brand’s social mission. He previously called on Unilever to “free” Ben and Jerry’s.
— CNBC’s Matthew Ward-Perkins contributed to this report.
