Unilever to focus on investor value after Kraft move
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The company said Kraft Heinz’s proposed $143 billion (£115bn) approach underscored the need to “capture more quickly” the value in the consumer goods firm. In a statement, the company said it expects the review to be completed by early April.
“Unilever is conducting a comprehensive review of options available to accelerate delivery of value for the benefit of our shareholders,” it said.
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Hide Ad“The events of the last week have highlighted the need to capture more quickly the value we see in Unilever.”
It comes after the two companies issued a joint statement on Sunday in which Kraft Heinz said it had “amicably agreed” to withdraw its proposal.
Unilever had issued a strongly-worded rebuttal on Friday after the Chicago-based company tabled an offer representing an 18 per cent premium on Unilever’s closing share price on 16 February. If successful, the deal would have been the biggest acquisition of a British company on record.
Kraft Heinz brands include Heinz Tomato Ketchup and Philadelphia cheese, while Unilever owns store-cupboard staples such as Hellmann’s mayonnaise and Colman’s mustard.