Unilever rejects Kraft Heinz's $143B takeover bid

Unilever rejects Kraft Heinz's $143B takeover bid

Analysts believe that should the food conglomerate return with an improved offer or should Unilever accept the current proposal, the deal will in all likelihood be investigated by the Competition Markets Authority.

Unilever rejected the approach, Kraft Heinz said Friday in a statement issued in response to speculation that it had made a bid. The Pittsburgh-based company made a "comprehensive proposal" and will seek to gain an agreement on the terms of a transaction, it said. According to the company's Kraft's offer was for $50 a share for Unilever, so the bets are already profitable as Unilever shares are up 10% near $47 on Friday.

Kraft Heinz Co.'s plan to swallow Unilever PLC with a $143 billion offer doesn't just face opposition from Unilever, which quickly said "no thanks" on Friday.

Shares of Unilever climbed 14% after the European consumer goods giant got a takeover bid from Kraft Heinz (NASDAQ:KHC). "ORCRP001814-topic.html" class="local_link" >Berkshire Hathaway and Brazilian investment firm 3G Capital, announced a $45 billion takeover of Kraft Foods.


Kraft Heinz shares were up more than 7% when the USA stock market opened.

The latest Insider trade was made on 31 Dec 2016 where El-Zoghbi (Georges) Officer did a transaction type "Buy" in which 35389 shares were traded at a price of $0. In 2010, Kraft purchased United Kingdom chocolate company Cadbury.

Banks and commodities-related stocks, however, weighed, with Europe's STOXX bank index down 0.9 percent as investors booked profits for a second day after the index hit a three-week high on Wednesday, helped by growing expectations of a rate hike next month in the United States. Earlier this week, Kraft Heinz revealed that its fourth-quarter sales fell 3.7% year-on-year, resulting in a 5% drop in its share price. "Unilever has double the revenue of Kraft for instance", Jauke de Jong, analyst at AFS Group, said. It was formed by the 2015 merger of Kraft and Heinz in a deal worth $46bn (£37bn).

A tie-up between Kraft Heinz and Unilever would bring together the fifth- and third-largest consumer food firms. Citigroup Inc. upgraded shares of The Kraft Heinz Company from a "sell" rating to a "neutral" rating in a research note on Wednesday, January 11th.

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