The company separated its margarine and spreads business into a standalone unit in 2015 to give it more attention, and the move sparked widespread speculation it would soon be sold.

Polman said on Thursday the rate of decline of the business has continued at a mid single-digit rate last year, due to the rapid contraction of the market, as people eat less bread and margarine. Yet he said Unilever has been able to more than offset the operational impact of the shrinkage with cost savings.

"As long as we continue to generate more value as owners of this business than we would receive from any other options, we should continue to manage this business and protect our value," Polman said.

(Reporting by Martinne Geller; editing by Susan Thomas)

Stocks treated in this article : Unilever, Unilever plc