Demerger
The British and European term for a spin-off.
A demerger separates a group into two or more independent companies whose shares are distributed to the original shareholders. It is the term used in the United Kingdom and much of Europe for what American filings call a spin-off.
The mechanics usually involve a dividend in specie: the parent declares a dividend paid not in cash but in shares of the business being separated. Unilever used this structure for the ice cream demerger that created The Magnum Ice Cream Company, whose shares were admitted to trading on three exchanges on the same day.