Kraft Heinz may spin off its Kraft-branded business in a $20bn deal, leaving a core focus on sauces and spreads. Bond markets are reacting, and speculation grows that Warren Buffett’s Berkshire Hathaway could exit its stake.

With Kraft Heinz Co. reportedly considering a breakup of its business, some analysts believe more of its food-industry peers should do the same.

The Heinz ketchup and Oscar Mayer hot dogs featured at barbecues this summer are owned by the same company. Next summer, that might not be the case.