Feb 20, 2017
Kraft Heinz drops $143bn pursuit of Unilever
Shares in Unilever fell 8 per cent on Monday morning after Kraft Heinz, the Warren Buffett-backed US food group, dropped its $143bn pursuit of its consumer products rival only two days after publicly confirming its interest. Kraft Heinz said in a joint statement with Unilever that it had "Amicably agreed to withdraw its proposal for a combination of the two companies". The companies said: "Unilever and Kraft Heinz hold each other in high regard. Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever." Kraft Heinz said in a separate statement that its "Interest was made public at an extremely early stage. Our intention was to proceed on a friendly basis, but it was made clear Unilever did not wish to pursue a transaction." Analysis: Culture clash is biggest obstacle to takeover● News: Unilever rejects $143bn Kraft Heinz takeover bid● Markets: Trading in Unilever jumped ahead of bid● Podcast: Inside Kraft Heinz's bid for Unilever● Lex: Unilever/Kraft Heinz: knives out● News: MPs hit out at post-Brexit 'fire sale'.
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