Advertisement
Business

Kraft Heinz drops $143-billion offer for Unilever

Kraft Heinz drops its bid for Unilever
Kraft Heinz, which makes ketchup and other packaged foods, has dropped its offer to buy Unilever.
(Toby Talbot / Associated Press)

Kraft Heinz has decided to withdraw its $143-billion offer to buy Unilever, the companies announced Sunday in a joint news release.

Unilever — which has a head office in London and makes mayonnaise, tea and seasonings — earlier had spurned the offer, saying the price was too low.

Despite rejection, Kraft Heinz said last week it was still interested in the deal.

Analysts say Kraft Heinz — which makes ketchup, cheese and lunch meat and is co-headquartered in Chicago and Pittsburgh — is still in the market for acquisitions.

Advertisement

The deal would have brought together Kraft Heinz brands such as Oscar Mayer, Jell-O and Velveeta and Unilever’s Hellman’s, Lipton and Knorr. The combined company would have rivaled Nestle as the world’s biggest packaged food maker by sales.


Newsletter
Get our weekly California Inc. newsletter
Advertisement