Unilever snubs Kraft Heinz over 'meritless' takeover bid

Unilever has loudly rejected a takeover bid worth about $143bn (£115bn) from US rival Kraft Heinz, saying it sees "no merit, either financial or strategic" in the offer.

Will Beanz soon mean Unilever?
Will Beanz soon mean Unilever?

It said the proposal, which represents a premium of Unilever’s share price at the close of yesterday, "fundamentally undervalues" Unilever.

It added that it "does not see the basis for any further discussions."

Kraft Heinz's bid for the UK/Dutch FMCG giant emerged earlier today.

In a statement confirming it had made an approach for Unilever, Kraft Heinz admitted that its initial approach had been rejected, but said it "looked forward to working to reach agreement on the terms of a transaction."

But Unilever later released its own statement, making clear it would not be giving in easily.

Subscribe to Campaign from just £57 per quarter

Includes the weekly magazine and quarterly Campaign IQ, plus unrestricted online access.

SUBSCRIBE

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now
Why Cosabella replaced its agency with AI and will never go back to humans
Shares0
Share

1 Why Cosabella replaced its agency with AI and will never go back to humans

In October, lingerie retailer Cosabella replaced its digital agency with an AI platform named "Albert". Since then it has more than tripled its ROI and increased its customer base by 30%.

Just published

More