Kraft Heinz drops Unilever takeover bid

BBC News

Kraft Heinz has said it has dropped its plan to buy Anglo-Dutch rival Unilever. Marmite-maker Unilever rejected the US food giant's bid on Friday, saying it saw "no merit, either financial or strategic" in Kraft's offer, worth about $143bn (£115bn). "Unilever and Kraft Heinz hold each other in high regard," the companies said in a joint statement. The deal would have been one of the biggest in corporate history, combining dozens of household names. Unilever owns Ben & Jerry's ice cream, Dove soap, and Hellmann's mayonnaise, while Kraft's range includes Philadelphia cheese and Heinz baked beans.


Shares in Kraft Heinz to plunge on news of US probe, loss

FOX News

LONDON – Shares in Kraft Heinz are expected to plunge when markets open Friday after the consumer goods company said it was being investigated by U.S. regulators and it reported a massive loss. Kraft Heinz said it received a subpoena in October from the U.S. Securities and Exchange Commission related to an investigation of its procurement operations, which cover deals a company makes with outside suppliers. It said it's cooperating with authorities. The probe was disclosed in the earnings report Thursday, in which it reported a massive $12.6 billion loss for the fourth quarter, compared with an $8 billion profit a year earlier. The loss was largely due to a $15.4 billion writedown on the value of its Kraft and Oscar Mayer trademarks.


Kraft Heinz Withdraws $143B Bid to Buy Unilever

U.S. News

The deal would have brought together Kraft Heinz brands such as Oscar Mayer, Jell-O and Velveeta and Unilever's Hellman's, Lipton and Knorr. The combined company would have rivaled Nestle as the world's biggest packaged food maker by sales.


Kraft Heinz drops $143-billion offer for Unilever

Los Angeles Times

Kraft Heinz has decided to withdraw its $143-billion offer to buy Unilever, the companies announced Sunday in a joint news release. Unilever -- which has a head office in London and makes mayonnaise, tea and seasonings -- earlier had spurned the offer, saying the price was too low. Despite rejection, Kraft Heinz said last week it was still interested in the deal. Analysts say Kraft Heinz -- which makes ketchup, cheese and lunch meat and is co-headquartered in Chicago and Pittsburgh -- is still in the market for acquisitions. The deal would have brought together Kraft Heinz brands such as Oscar Mayer, Jell-O and Velveeta and Unilever's Hellman's, Lipton and Knorr.


Kraft Heinz Employees Get Day Off After Super Bowl

U.S. News

Kraft Heinz says the Monday after the Super Bowl will be a day off for its salaried employees, and it has launched a tongue-in-cheek campaign to make the day -- dubbed "Smunday" -- a national holiday.