“Unilever forced to review strategy after aborted Kraft bid” is the lead business story in The Times (£) this morning. The paper writes: “Since the deal collapsed there has been rising speculation that Unilever would come under pressure from shareholders to deliver cost savings faster while generating growth.” Unilever conceded that the returns it has been promising in a three-year plan unveiled last year — including $1bn of savings — needed to be delivered more rapidly to shareholders (The Financial Times £). The City believes that the audacious takeover attempt has served as a much-needed wake-up call for Unilever to slim down some of its brands and boost its cost-cutting efforts (The Telegraph). “Unilever prepares to wield the axe in order to stave off another takeover bid”, writes The Daily Mail.

The FT’s Lex column writes that Unilever “cannot assume its world returns to normal after rebuffing Kraft Heinz”. It calls for the group to spin out the home care and refreshment segment, together generating €20bn in revenues. (The Financial Times £)

Ashley Armstrong in The Telegraph (£) writes: “Yesterday Unilever turned to the oldest defence tactic in the book;  announcing a strategic review while reassuring investors with a sweetener… Investors have delivered a firm message - it must do a better job.”

The FT looks at the investment strategy of Warren Buffett, writing: “The Unilever bid has confronted him with a choice. He either has to behave with naked aggression in the industry he knows best or find other outlets for Berkshire’s capital. I doubt whether he could change personality at the age of 86 even if he wanted to, so he must amend his investment strategy.” (The Financial Times £)

A group of financial institutions has lodged a surprise takeover bid for 2 Sisters-owned Fox’s‎ Biscuits. The mystery party which last month approached Fox’s owner, Boparan Holdings‎, was not a rival biscuit-maker but a consortium of City and Wall Street bondholders. (Sky News)

Hotel Chocolat has said it will consider a dividend payout this year after a “very successful” Christmas helped propel profits at the upmarket chocolatier and retailer, which listed on Aim last year (The Financial Times £). Hotel Chocolat shares enjoyed a sugar rush after the upmarket confectionery chain beat City estimates with a 28% jump in profits (The Telegraph)

Green campaigners have welcomed Coca-Cola’s U-turn on a bottle and can recycling scheme. Environmentalists hail ‘landmark moment’ as world’s biggest soft drinks company agrees to set up pilot scheme in Scotland. (The Guardian)

Coca-Cola Amatil has announced the closure of its South Australia factory in the latest employment blow to hit the state. Around 180 workers will lose their jobs when the bottling operation in the inner-city Adelaide suburb of Thebarton closes in 2019. (The Guardian)

The government will offer extra help for small firms affected by an imminent change to business rates, the communities secretary has announced, saying that more should be done “to level the playing field”. (The Guardian)

It has been king of the British breakfast table for two centuries but now marmalade has become just a preserve of the elderly. New data has revealed that the traditional orange spread is being rejected en mass by younger shoppers, with under 28s making up just 1 in 100 of marmalade buyers over the past year. (The Telegraph)

Campbell Soup aims to recapture wholesome image, writes The Financial Times (£). Its investment in a start-up offering genetically tailored meals shows appetite for growth.

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