Unilever shares slide after Kraft Heinz withdraws $143B takeover offer

Wibbitz Top Stories 2017-02-20

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Shares in Anglo-Dutch consumer goods group Unilever, dropped 8 percent on Monday after U.S. rival Kraft Heinz abruptly ditched its surprise $143 billion merger proposal. Backed by Warren Buffett and the private equity firm 3G, Kraft had wanted to buy Unilever to build a global consumer goods giant but its offer was flatly rejected on Friday by the maker of Lipton tea and Dove soap. A combination of the two firms would have been the largest acquisition of a UK-based company, according to Thomson Reuters data. It would have brought together some of the world's best known brands, from toothpaste to ice creams, and combine Kraft's strength in the United States with Unilever's in Europe and Asia.

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