Kraft Heinz Co. is trying to buy Unilever in a $143-billion deal that would join the U.S. maker of cheeses and lunch meats with the European producer of mayonnaise, teas and seasonings, creating a global powerhouse.
Unilever rejected the approach and called the price too low, but Kraft Heinz says it's still interested in a deal. Shares of both companies surged to new highs as investors saw prospects for cost cutting.
A combination of Kraft Heinz, which sells Oscar Mayer meats, Jell-O pudding and Velveeta cheese, and Unilever, which owns brands including Hellmann's, Lipton and Knorr, would rival Nestle as the world's biggest packaged food-maker by sales.
That might not...