Kraft drops US$143b bid for Unilever after negative response
A protracted war of words wasn't in best interest of Kraft and would risk souring future deal opportunities
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New York
KRAFT Heinz Co's US$143 billion bid for Unilever NV collapsed just two days after it became public knowledge, with the adamance of the Anglo-Dutch target's rejection said to play into billionaire Warren Buffett's long-time aversion to hostile deals.
The decision not to pursue what could have been the largest-ever takeover in the food and beverage industry came after 3G Capital and Mr Buffett's Berkshire Hathaway Inc, which together own about half of Kraft Heinz, decided that Unilever's negative response made a friendly transaction impossible, people with knowledge of the situation said.
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