Unilever said on Thursday it would demerge its ice cream business and list it in Amsterdam, London and New York, as part of its chief executive's plans to trim costs and simplify the group after years of underperformance.

The move ends months of speculation over how the company would move ahead with its plans to separate the business.

Unilever, maker of Ben & Jerry's, plans to list its ice cream division in Amsterdam, sidelining London and New York. This decision comes amidst underwhelming earnings and market growth forecasts, leading to a 7% share drop.