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 will demerge its ice cream business and list it in Amsterdam, London and New York, ending months of speculation over how the company would move ahead with previously announced plans to separate the business.

Unilever is on track to separate its Ice Cream business by 2025. The new entity, which includes brands like Wall's and Magnum, will be listed on Amsterdam, London, and New York exchanges.