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Kraft Heinz withdraws bid for Unilever

Press Association logoPress Association 19/02/2017

US food giant Kraft Heinz has withdrawn a STG115 billion ($A187 billion) bid for a mega-merger with Unilever, the firms say.

In a joint statement on Sunday the Heinz Tomato Ketchup and Philadelphia cheese manufacturer said it had agreed not to proceed with the offer it made on Friday for the Anglo-Dutch Marmite and PG Tips maker.

Unilever had already snubbed the offer, which represented an 18 per cent premium on its closing share price of $US50 per share on February 16, saying it "fundamentally undervalues" the firm.

The joint statement read: "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."

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