Unilever shares drop after first day of Magnum Ice Cream spin-off
Unilever’s shares fell on the Amsterdam Stock Exchange (AEX) on Monday following the launch of its new spin-off, The Magnum Ice Cream Company (TMICC). TMICC ended the day 1.1 percent above its reference price of 12.80 euros, while Unilever dropped 1.7 percent.
TMICC was officially founded on July 1, 2025, when Unilever’s ice cream division became a standalone company. The new company unites a portfolio of major ice cream brands, including Magnum, Ben & Jerry's, Cornetto, and others.
The company employs around 19,000 people worldwide. Approximately 450 positions were relocated to Amsterdam when the ice cream division moved its headquarters from Rotterdam in 2024. The HQ is now located on Reguliersdwarsstraat in the city.
The launch of TMICC has stirred controversy with Ben & Jerry’s founders over the brand’s social mission. Peter ter Kulve, TMICC’s CEO, said the founders of Ben & Jerry’s should hand over control to a “new generation.” He acknowledged that while the founders’ commitment to the brand and its causes has been immense, “at a certain point you need to hand it over… we need to move on.”
Ben Cohen, one of the founders, disagreed, arguing that “unlike Magnum, I don’t think there is an age limit on campaigning for social justice and peace.” He called the IPO “another attempt to silence the social mission that we are all too familiar with, as Unilever attempts to wash its hands of Ben & Jerry’s.” Cohen stressed that the brand’s social mission has always been inseparable from the company and is legally protected.
Jerry Greenfield resigned from Unilever in September following confrontations over the founders’ outspoken support for the humanitarian situation in Gaza. The founders were angered by Unilever's decision to fire their CEO David Stever without consultation, which was a prerequisite for the merger of the companies.
