Feb 17, 2017

Unilever rejects $143bn Kraft Heinz takeover bid

Unilever has rejected a $143bn takeover approach from Kraft Heinz, the food conglomerate backed by three Brazilian billionaires and Warren Buffett, setting the stage for a battle between two of the largest consumer goods companies in the world. Kraft Heinz said it had made "a comprehensive proposal to Unilever about combining the two groups to create a leading consumer goods company with a mission of long-term growth and sustainable living". For each existing Unilever share, Kraft Heinz offered $30.23 in cash payable in US dollars and 0.222 shares in a new holding group. Under UK takeover rules, Kraft Heinz has until the close of business on March 17 to make a binding bid for Unilever or walk away for six months. Like many other consumer goods companies, both Kraft Heinz and Unilever have been suffering from a slowdown in growth as brand-fickle consumers in mature markets increasingly turn to start-ups for more exciting new products.

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