Kraft Heinz withdraws £115bn takeover bid for Unilever

Kraft Heinz’s £115bn takeover of Unilever has been called off just days after the offer was made public.

Kraft Heinz was expected to increase its offer but the two firms said late last night that the deal was off.

It 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.”

A spokesperson for Kraft Heinz said: “[Our] interest was made public at an extremely early stage. Our intention was to proceed on a friendly basis, but it was made clear Unilever did not wish to pursue a transaction.

“It is best to step away early so both companies can focus on their own independent plans to generate value. We remain focused on driving long-term value while always putting our consumers first.”