Dove owner Unilever targets £830m in cost savings by 2029 but will not say whether jobs will go

Unilever is aiming to cut one billion euros in costs over the next three years as it transforms into a more streamlined home and personal care company in the wake of divesting its food brands. Chief executive Fernando Fernandez told investors the savings would be driven by simplifying the organisation, redesigning processes and deploying new technology, ahead of a Wednesday investor event. The company refused to be drawn on whether the overhaul would result in job losses.

Marmite, Hellmann's and Pot Noodle are among the brands that will leave Unilever when its food division merges with US spices giant McCormick next year.

Unilever has also set a medium-term target of 4%-6% annual underlying sales growth, though analysts at RBC Capital Markets cautioned that the volume goals look difficult to achieve.

The Magnum ice cream business has already been separated from Unilever and floated independently as Magnum Ice Cream Co., with the current restructuring marking the company's full withdrawal from food.