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Kraft Heinz abandons Unilever bid

20 February 2017 by
Kraft Heinz abandons Unilever bid

Kraft Heinz, the company behind brands including Heinz ketchup, Amoy and Lea & Perrins, has abandoned its offer to buy Unilever for approximately $143b (£115b).

The companies released a joint statement yesterday (19 February) that Kraft Heinz "amicably agreed" to withdraw its offer for Unilever, the Anglo-Dutch company behind brands such as Knorr, Hellmann's and Marmite.

The statement added that both companies "hold each other in high regard" and Kraft Heinz "has the utmost respect for the culture, strategy and leadership of Unilever".

Unilever rejected the bid on Friday, saying it saw "no merit, either financial or strategic" in the offer, which would have been one of the biggest in corporate history.

Shares in Unilever fell more than 8% in morning trading today.

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