Unilever CFO Srinivas Phatak says SEC automatic approval could see ice cream demerger in December

Unilever CFO Srinivas Phatak said on Thursday the demerger of the group's ice cream business could happen in early December if The Magnum Ice Cream Company listing gains automatic SEC approval following the publication of its prospectus next month.

Unilever is delaying the ice cream spin-off due to the U.S. government shutdown and Phatak said that in the unlikely event that lasts for another month, a new SEC rule allowing companies statements' to become effective automatically could be triggered.

"There is a window available in the unlikely event that over the next one month, the SEC doesn't return because of the U.S. government shutdown," Phatak said. "Then the alternate route of an automatic approval could kick in. It is not the default option."