Size Is One Thing Standalone Unilever Units Would Have Plenty Of

Unilever NV’s pledge to examine all its options to increase shareholder value after rejecting Kraft Heinz Co.’s $143 billion takeover bid has opened what Societe Generale analyst Warren Ackerman called a “Pandora’’s box” of possible outcomes.

In the wake of the Kraft bid, and in the face of a full review, the company that sells everything from Axe shower gels to Hellmann’s mayonnaise is being forced to more clearly define its vision for investors. One scenario, spinning off its food and personal-care businesses, would create two companies that would be among the biggest in those industries.