Unilever will no longer move its headquarters from London to Rotterdam after shareholders did not support the decision.

The consumer goods giant originally planned to combine its dual-headed legal offices into a sole Dutch corporate base, stating that it would create a more focused company that would allow it to manage acquisitions better.

However, it released a statement that explained how a “significant group of shareholders” did not support the move and believed it would lead to a drop in share price.

Marijn Dekkers, Unilever’s chairman, said: “Unilever has built a long track record of consistent and competitive performance. The board continues to believe that simplifying our dual-headed structure would, over time, provide opportunities to further accelerate value creation and serve the best long-term interests of Unilever.

“The board will now consider its next steps and will continue to engage with our shareholders. We will proceed with the plan to cancel the NV preference shares, further strengthening our corporate governance.”