Consumer goods

Kraft Heinz Fails to Buy Unilever

main source Reuters – 47818800 – Kraft Heinz ketchup food group grocery store shelve
Products made by Kraft Heinz. Source: Reuters

It all happened in a matter of days. Kraft Heinz, maker of Heinz ketchup, on Friday said it wants to buy Unilever, the Anglo-Dutch maker of Dove soap and Magnum ice cream, and launched a massive new bid. The London-listed firm rejected the takeover, saying the price is too low and citing strategy issues. On Sunday night, Kraft Heinz apparently decided the opposition was too strong and pulled its bid.

The offer would have been worth a whopping $143 billion, according to Unilever calculations. Unilever on Friday said it had received an offer of $50 per share, made up of $30.23 in cash and the remainder in shares in the new group, 18 percent higher than Thursday’s closing price. Unilever’s shares surged had climbed as much as 15 percent in London to 3848 pence on Friday, valuing the maker of Lipton tea and Axe deodorant at more than €113 billion pounds, or $140 billion, according to Bloomberg, but plunged back down around 7 percent Monday as the deal collapsed over the weekend.

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