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.
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.