collected by :Tod Hinery
as mentioned in Kraft Heinz withdrew its $143 billion takeover bid for Unilever, a bulwark of British and Dutch business, just 48 hours after making it.
Kraft Heinz had been facing a long and possibly expensive fight and said it had pulled out on friendly terms.
Although Unilever managed to ward off the takeover, the offer has increased pressure on the company and its chief executive, Paul Polman.
Kraft Heinz Drops Bid for UnileverIt was an ambitious play to try to build a single company to provide products as diverse as dinner condiments and shower soap.
It was a “chastening” experience, Andrew Wood, an analyst at Bernstein Research, told the Financial Times.
Morning Agenda: Snap, Financial Regulation, Kraft Heinz and Unilever
according to Shares in Unilever, the owner of brands like Hellman’s, Lipton, and Knorr, fell sharply in overseas trading after rival Kraft Heinz withdrew a $143-billion takeover offer.
Analysts say Kraft Heinz, co-headquartered in Chicago and Pittsburgh, is still in the market for acquisitions.
The companies said Sunday in a joint press release that Kraft Heinz has “amicably” abandoned the offer.
Instead, major packaged food companies are being forced to dig deeper to find cost efficiencies or tap into new markets, Garfield said.
The merged company would have rivaled Nestle as the world’s biggest packaged food maker by sales.