Kraft Heinz withdraws bid for Unilever: companies

[WASHINGTON] The US food giant Kraft Heinz has dropped its bid to buy Unilever days after it rejected a US$143 billion buyout offer, the companies said on Sunday.

Kraft Heinz had previously signaled it would press ahead with its campaign after the British-Dutch consumer products manufacturer said the initial proposal "fundamentally undervalues" its worth.

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

"Unilever and Kraft Heinz hold each other in high regard," it added. "Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever."

AFP