LONDON, May 15, 2026, 14:07 BST
Blackstone and Clayton, Dubilier & Rice have started looking at possible bids for The Magnum Ice Cream Company N.V.—the company behind Ben & Jerry’s and Cornetto—according to two sources cited by Reuters on Friday. Magnum shares surged close to 16% following the news, heading for their steepest one-day climb since the stock’s debut.
Timing is crucial here. Magnum only separated from Unilever under six months back, hitting the market around a 7.8 billion euro valuation. The shares slipped from a peak of 16.5 euros earlier this year, now hovering just above their initial listing price.
The interest comes just ahead of the crucial summer stretch, when ice cream sales matter most to the company. According to Reuters, buyout groups have been tracking Magnum’s stock and eyeing summer sales numbers before making any call. None of the parties—Magnum, Unilever, Blackstone, or CD&R—commented.
Magnum, based in the Netherlands, trades in Amsterdam, London, and New York. After spinning off the business, Unilever kept a stake just under 20%—that’s set to be sold gradually to help cover separation expenses and keep capital options open.
Magnum’s U.S. filing, dated April 30, put its outstanding ordinary shares at 612.3 million as of April 29. The company’s ordinary shares are listed under the MICC ticker on Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange.
There’s little sign of trouble in Magnum’s newest trading update. First-quarter revenue came in at 1.77 billion euros, down 1.2% on a reported basis, hit by foreign-exchange moves. Strip out currency effects, though, and organic sales climbed 4.5% — the company’s preferred gauge of underlying growth.
Chief Executive Peter Ter Kulve said the company is “well set up for the summer season” and stuck with its 2026 guidance, calling for organic sales growth of 3% to 5% and an improvement in the underlying margin. Magnum Ice Cream News
The bid boils down to brands, heft, and a chance to juice margins. As Reuters pointed out, private equity players are eyeing turnaround potential via trimming costs and pushing up profitability—particularly with Froneri in the mix, the PAI Partners and Nestle-backed venture pegged at 15 billion euros as of October’s deal.
Magnum claims a 21% slice of the $87 billion global ice cream market—well ahead of Froneri, which sits at 11%. That kind of lead hands a buyer a big base to build from. But it also leaves the company more vulnerable to shifts within the category than if it were part of a more diversified food group.
Risks are in plain sight. The rise of GLP-1 appetite-suppressing drugs has already shaken up segments like snacks and desserts, with no sign of that health trend slowing down. Jack Martin, investment director at Oberon Investments, pointed to “regulatory headwinds against unhealthy foods” and added, “GLP-1s are a potential headwind,” speaking to Reuters at Magnum’s debut. Reuters
Ben & Jerry’s brings its own set of challenges to the table. Earlier this month, a cohort of Magnum investors took aim at the company, raising issues about Ben & Jerry’s approach to social activism and its financial disclosures. Magnum pushed back—saying it “respectfully disagrees” with that assessment, and that it’s sticking with a board chaired by an independent director to safeguard the brand’s social mission and standards. Reuters
Magnum pointed to ongoing uncertainty in the Middle East and flagged potential impacts on input costs, though it said its direct exposure to the region is limited and mitigation efforts are in progress. For bidders sizing up the company, the focus shifts from brand recognition to the summer—whether sales deliver sufficient momentum on volume, pricing, and margins to support a take-private bid.
