Feb 24, 2017

Unilever defends rebuff of Kraft Heinz deal

Graeme Pitkethly, Unilever finance director, told attendees at Cagny, the consumer industry's annual gathering, in Florida: "It has certainly been a trigger for Unilever and we will not waste it. It showed us the challenge to unlock value quicker in the shorter term." Mr Pitkethly defended Unilever's rapid rejection of the Kraft Heinz approach by highlighting the difference in business strategies between the two groups. The big question dominating - but not directly addressed - at the conference was which company would be next on the menu for 3G. This made Kraft Heinz all too present - despite its absence at Cagny - though some delegates said they had spotted Alexandre Behring, Kraft Heinz chairman and 3G partner. Kraft Heinz's approach for Unilever - which makes 60 per cent of its sales in home and personal care products such as Surf laundry and Sunsilk shampoo - has broadened considerably the spectrum of the food group's potential targets. John Gapper: Warren Buffett needs a new recipe for investingInside Business: No case for a radical Unilever just to follow City fashionFT View: Unilever was a deal too far for Kraft HeinzBig Read: The $143bn flop: How Buffett and 3G lost UnileverNews: Unilever chief now under pressure to deliver on reforms.

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