American food giant Kraft Heinz withdrew its surprise offer $143 billion bid to buy Anglo-Dutch global consumer products company and maker of Lipton tea and Dove soap; Unilever 48 hours after making it public.
Although this bid could have easily resulted in the world’s largest food company it was quickly rejected by Unilever.
Kraft withdrew its offer because it felt it was too difficult to negotiate a deal following the public disclosure of its bid so soon after its approach to Unilever, according to people familiar with the matter who requested anonymity to discuss confidential deliberations.
“Our intention was to proceed on a friendly basis, but it was made clear Unilever did not wish to pursue a transaction. It is best to step away early so both companies can focus on their own independent plans to generate value.”
– Michael Mullen, Kraft Heinz spokesman