Unilever, whose products include Marmite, Ben & Jerry's ice cream, Dove soap and Lipton teas, intended to move its HQ to Rotterdam.

The company has a dual shareholder listing, and had said the move would simplify its corporate structure.

But there was growing opposition among major institutional investors in London, including Legal & General and Royal London Asset Management.

In a statement, the company said: "We have had an extensive period of engagement with shareholders and have received widespread support for the principle behind simplification.

"However, we recognise that the proposal has not received support from a significant group of shareholders and therefore consider it appropriate to withdraw."