Kraft Heinz scraps £115 billion Unilever takeover offer

Household names: Ben & Jerry's is one of Unilever's top brands
Chloe Chaplain20 February 2017

Food giant Kraft Heinz has scrapped a £115 billion bid to take over competitor Unilever, the firms have announced.

In a joint statement released on Sunday the Heinz Ketchup, Baked Beans and Philadelphia manufacturer said it has dropped the offier made on Friday.

Unilever, the Anglo-Dutch company responsible for household brands such as Marmite and PG Tips, had already snubbed the offer, saying it "fundamentally undervalues" the firm.

The joint statement read: "Unilever and Kraft Heinz hereby announce that Kraft Heinz has amicably agreed to withdraw its proposal for a combination of the two companies.

"Unilever and Kraft Heinz hold each other in high regard.

"Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever."

Michael Mullen, a spokesman for the Kraft Heinz, told the BBC: "Kraft Heinz's 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. It is best to step away early so both companies can focus on their own independent plans to generate value."

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