Kraft Heinz has withdrawn its US$143bn offer to buy Unilever because it judged by Unilever as too low.
In a joint statement, the companies said: “Unilever and Kraft Heinz hereby announce that Kraft Heinz has amicably agreed to withdraw its proposal for a combination of the two companies.
“Unilever and Kraft Heinz hold each other in high regard. Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever.”
As the Independent reports, if the deal had been successful the resources of Kraft Heinz and Unilver combined would have been enough to rival the world’s biggest packaged food maker, Nestle.