Kraft withdraws offer to merge with Unilever

Kraft Heinz Co has agreed to withdraw its proposal for a $143 billion merger with larger rival Unilever Plc, the companies said on Sunday.

U.S.-based Kraft had made a surprise offer for Unilever in a bid to build a global consumer goods behemoth, although it was flatly rejected on Friday by Unilever, the maker of Lipton tea and Dove soap.

On February 17, 2017, Unilever rejected the Kraft Heinz proposal of paying $50 a share for the company, and that Kraft Heinz was offering a mix of cash and stock. This was expected to take the valuation of Unilever more than $140 billion.

Later on that day,  in a statement released by Kraft Heinz it was stated that, the initial offer was rejected by Unilever – but it intends to pursue a deal that would be one of the biggest in corporate history.

The statement from Kraft Heinz in a Campaign US  report said, "Kraft confirms that it has made a comprehensive proposal to Unilever about combining the two groups to create a leading consumer goods company with a mission of long-term growth and sustainable living.