Kraft Heinz withdraws bid to acquire Unilever

United States foods giant Kraft Heinz has stopped its attempt to acquire Anglo-Dutch consumer goods company Unilever, both companies stated in a joint statement on Sunday.

"Kraft Heinz has amicably agreed to withdraw its proposal for a combination of the two companies," said the statement.

"Unilever and Kraft Heinz hold each other in high regard. Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever," it said.

A deal, if reached, would have been one of the biggest take-overs ever in corporate history.

Last Friday Unilever stated that it had rejected a take-over bid by the U.S. company for 135 billion euros (143 billion U.S. dollars), at 47 euros per share.

The Anglo-Dutch company stated on Friday that the bid "fundamentally undervalued Unilever" and that it sees "no merit, either financial or strategic, for Unilever's shareholders".

The bid was remarkable because Kraft Heinz is a much smaller company than Unilever. The total turnover of Unilever in the full-year 2016 amounted to 52.71 billion euros, while Kraft Heinz recorded net sales of 24.97 billion euros.

Unilever produces among other brands, Lipton tea, Dove soap, Axe deodorant and Magnum and Ben and Jerry's ice cream, while Kraft Heinz's brands include Heinz Ketchup and Philadelphia cheese. Endit