Unilever Plc will list its ice cream unit primarily in Amsterdam, the consumer goods company said, with London and New York getting secondary listings when the maker of Ben & Jerry’s is spun off this year.

Ben & Jerry's maker Unilever said on Thursday it would spin out its ice cream business and picked Amsterdam for its primary listing, with London and New York as secondary listings, in a potential blow to British finance minister Rachel Reeves.

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.