This is what happened…
Food giant Kraft has said Unilever has rejected its takeover offer. Kraft Heinz, is the company that produces Heinz Tomato Ketchup and many other well-known foods.
Kraft said it was looking forward “to working to reach agreements on the terms of a transaction”.
If this deal goes ahead it will be the biggest in corporate history as Unilever is currently valued at over £100bn.
In Kraft’s statement, they said it had made “a comprehensive proposal” for Unilever “to create a leading consumer goods company”
Anglo-Dutch giant Unilever also makes Domestos cleaning products and Ben & Jerry’s ice cream.
Kraft said in a statement: “While Unilever has declined the proposal, we look forward to working to reach agreement on the terms of a transaction,”
Nicholas Hyett, equity analyst at Hargreaves Lansdown, said “With KraftHeinz saying it’ll be coming back to the table, it looks like the initial offer was just to test the water,”
Unilever’s shares is listed on the UK FTSE 100 stock index and have surged more than 11 per cent.