Kraft Heinz has withdrawn its acquistion offer of $143 billion of Unilever only two days after its expression of interest was made public.
The Warren Buffett-backed food group said in a statement that its 'interest was made public at an extremely early stage. Our intention was to proceed on a friendly basis, but it was made clear Unilever did not wish to pursue a transaction', according to Irishtimes.ie
Kraft Heinz's takeover of Unilever would have created the world's second largest consumer goods group, after Nestlé.
Kraft Heinz added in its statement: “It is best to step away early so both companies can focus on their own independent plans to generate value. We remain focused on driving long-term value while always putting our consumers first.”
Kraft Heinz employs approximately 2,500 people across Ireland and the UK.
© 2017 - Checkout Magazine by Donna Ahern