Kraft Heinz Withdraws $143 Billion Offer for Unilever
Strategic direction, as well as price, proved to be the stumbling block
LONDON—Kraft Heinz Co. dropped its $143 billion offer for rival Unilever PLC, just a little more than 48 hours after making an audacious bid to combine two of the world’s biggest packaged-food companies.
In a brief statement Sunday, Kraft said it “has amicably agreed to withdraw its proposal.”
A Kraft spokesman said the company’s intention was to proceed on a friendly basis, and that its interest was made public at “an...