Kraft Heinz bid for Unilever dropped

Kraft Heinz, the American food producer, made a bid for multinational consumer goods manufacturer Unilever on Friday, shortly after talks for a merger fell through.

Kraft Heinz made the bid of $143 billion USD in the hopes of finalizing what would be the 3rd largest takeover in history, but was rejected by Unilever, whose stocks rose by more than 15% following the news.

Controlled by multi-billionaire Warren Buffet and 3G capital, the merger bid was seen as Kraft Heinz’s plan to diversify as the food market has slowed down in recent years.

Kraft Heinz has since dropped the bid amid a rocky reception to the news, causing Unilever stocks to plummet.

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