Kraft Heinz drops Unilever takeover bid

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.

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Source: BBC News Retrieved 19 February 2017, from http://www.bbc.co.uk/news/business-39022692