Business World News of Fri, 17 Feb 20170

Kraft Heinz to pursue merger despite Unilever rejection

Heinz Producers of Heinz tomato ketchup, Kraft Heinz propose merger with Unilever

U.S. food company Kraft Heinz Co (KHC.O) has proposed a merger with Unilever (ULVR.L) (UNc.AS), but the Anglo-Dutch consumer goods company has declined, Kraft said on Friday.

"Kraft confirms that it has made a comprehensive proposal to Unilever about combining the two groups to create a leading consumer goods company with a mission of long-term growth and sustainable living," Kraft said in a statement.

"While Unilever has declined the proposal, we look forward to working to reach agreement on the terms of a transaction."

ADVERTISEMENT

Unilever spokeswomen did not immediately reply to requests for comment.

Kraft said a further statement would be made as appropriate.

Unilever shares jumped as much as 14 percent to a record high. They were up 11 percent at 37.37 pounds at 1220 GMT, valuing the company at over 100 billion pounds ($124 billion).

Source: Reuters

Comments (0)

Today's Business