Kraft Heinz, the Warren Buffett-backed US food group, has dropped its $143bn pursuit of consumer products rival Unilever, only two days after publicly confirming its interest in acquiring the Anglo-Dutch rival.
Kraft Heinz said in a joint statement with Unilever that it had “amicably agreed to withdraw its proposal for a combination of the two companies”.
A takeover would have created the world’s second-largest consumer goods group by sales, combining brands such as Kraft Mac & Cheese and Heinz Tomato Ketchup with Unilever’s Dove soap and Magnum ice cream.
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