Deals
Kraft Heinz Spurned in $143 Billion Unilever Takeover Bid
- Anglo-Dutch Dove soap maker rejects cash-and-share proposal
- Unilever surges to $140 billion market value in London
Unilever Spurns $143 Billion Kraft Heinz Offer
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Kraft Heinz Co. made a $143 billion offer for Unilever in what would be the largest-ever takeover in the food or beverage industry, opening a campaign to create a consumer-goods giant with household names from Dove soap to Heinz ketchup.
Unilever said Friday it rejected the $50 a share proposal, comprising about two-thirds in cash and a third in new stock. The approach “fundamentally undervalues” the company, Unilever said, adding that it doesn’t see a basis for further discussions. Kraft Heinz said earlier it would seek to gain an agreement on the terms of a transaction.