Unilever rejects Kraft takeover

FOOD giant Kraft Heinz has announced that Unilever has rejected its takeover offer.

US-based Kraft Heinz said in a statement that despite the rejection of its “comprehensive proposal” for the Anglo-Dutch consumer goods group it is looking forward to “working to reach an agreement on the terms of a transaction”.

A tie-up would bring together some of the most well known brands in consumer goods, including Kraft’s Heinz Ketchup, Philadelphia and Kool-Aid with Unilever’s PG Tips, Wall’s ice cream and Marmite.

If a deal could be agreed, it would be one of the largest in history, with news of the offer causing an 11% surge in Unilever’s share price, lifting its market capitalisation to £112bn (US$139bn).