{"text":[[{"start":12.2,"text":"Unilever said it had been forced to delay the spin-off of its €15bn ice cream division by the US government shutdown, which has thrown many planned US listings into limbo."}],[{"start":25.03,"text":"The company said on Tuesday the US Securities and Exchange Commission was unable to register the shares in the new business to trade on the New York Stock Exchange after the shutdown disrupted the work of federal agencies."}],[{"start":39.870000000000005,"text":"Unilever is hiving off the ice cream division, which produces brands including Magnum and Ben & Jerry’s, this year as new chief executive Fernando Fernández forges ahead with a turnaround plan that will pivot the company away from food towards beauty and personal care."}],[{"start":59.10000000000001,"text":"The new business, called The Magnum Ice Cream Company, was due to list in Amsterdam on November 10, with secondary listings in London and New York."}],[{"start":70.44000000000001,"text":"Unilever did not give a timescale for the delay but said it “remains committed to and confident of implementing the demerger in 2025” and that preparatory work was “on track and progressing well”."}],[{"start":85.02000000000001,"text":"The shutdown, which started on October 1 after Democrats and Republicans failed to agree on a stop-gap bill to keep the government funded, has left federal agencies with scaled-back provisions for public services."}],[{"start":101.66000000000001,"text":"The SEC has furloughed most of its staff and has been unable to carry out its usual operations, including the review and approval of IPOs. However the agency has flagged a workaround that would allow some listings to be automatically registered, and then reviewed at a later date."}],[{"start":120.70000000000002,"text":"Russ Mould, investment director at AJ Bell, said while the delay would be frustrating for some investors and that the timing of the spin-off was uncertain, he expected Unilever to stick to its plans."}],[{"start":134.44000000000003,"text":"“It will be frustrating for Unilever shareholders who might have been keen to sell their free shares in the ice cream business, or for investors who only wanted to buy into that entity,” he said."}],[{"start":147.03000000000003,"text":"Unilever investors voted in favour of two resolutions to approve the consolidation of the company’s share capital following the demerger during a general meeting held after the announcement."}],[{"start":170.02000000000004,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1761092045_3423.mp3"}