Washington – US food giant Kraft Heinz has “amicably agreed” to withdraw its 143-billion-dollar merger proposal with British-Dutch consumer goods firm Unilever, a joint statement said on Sunday.
Kraft Heinz, the purveyor of brands such as Capri Sun, Philadelphia cream cheese and Grey Poupon mustard, said last week it had made overtures to Unilever, the makers of Dove soap, Marmite and Lipton tea.
Kraft Heinz withdrew its merger proposal with Unilever on Sunday. (Credit Image: © Wang Lei/Xinhua/ZUMA Wire) Photo: Wang Lei/Zuma/dpa
Unilever rejected the offer, saying it was undervalued and made no financial or strategic sense. But Kraft Heinz expressed optimism it could still pursue a tie-up and create a global behemoth.
“Unilever and Kraft Heinz hereby announce that Kraft Heinz has amicably agreed to withdraw its proposal for a combination of the two companies,” the statement 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.”
Had it been successful, it would have been the biggest cross-border merger since Britain-based Vodafone’s takeover of Germany’s Mannesmann AG in 2000.
-dpa
