The New York Stock Exchange has reportedly joined the battle to tempt Unilever’s ice cream business to list on their stock exchange.
The American bourse formally made contact with Unilever bosses in an attempt to secure a float across the Atlantic, the Daily Mail reported.
Listed in London, Unilever announced a plan to spin off its £15bn ice cream business two weeks ago, alongside the axing of 7,500 job roles.
The separation of the business from the rest of Unilever will complete by the end of 2025, the company said.
As well as New York, Amsterdam and London have also been named as markets trying to lure the Ben and Jerry’s and Magnum maker.
Unilever, which chose the UK as its sole market in 2020, reportedly received a request from the Dutch stock market at the time to list its foods and refreshment division there if it ever became an independent company.
Losing Unilever to the US would be another blow for the London Stock Exchange, which has endured a series of companies snubbing it for New York, such as Cambridge-based semiconductor manufacturer Arm.
The break-off of the ice cream business forms part of a turnaround plan spearheaded by chief Hein Schumacher, who has been vocal in recent months about the company’s shoddy performance.
Schumacher, who joined from a Dutch dairy giant last July, previously told investors the cosmetics and confectionery maker was not “reaching its potential” and the firm had “under-delivered”.
In an update at the start of the year, he described the brand’s competitiveness as “disappointing” and said “overall performance” needed to improve.
The decision is also thought to be influenced by the billionaire activist investor Nelson Peltz.
Peltz acquired a stake in the firm two years ago, in 2022, and at the time, investors cheered his arrival following his success at Unilever’s peer P&G.
Shares in Unilever fell nine per cent last year as inflation ate into its profit margins and allegations of greenwashing bruised the company’s reputation.
Unilever may be favouring listing the unit in the US because it is the world’s biggest ice cream market, with Americans consuming £16bn of the frozen dessert last year.
City A.M. has contacted Unilever for a comment.