Shares in Unilever are tanking on Monday after fellow consumer goods giant Kraft Heinz terminated a takeover bid for the firm on Sunday.
Kraft, which is backed by the legendary investor Warren Buffett, confirmed that it had made an approach to take over Unilever after the Financial Times Alphaville blog had reported it earlier in the day. Unilever rejected the bid the same day.
“Unilever and Kraft Heinz hereby announce that Kraft Heinz has amicably agreed to withdraw its proposal for a combination of the two companies,” the companies said in a statement on Sunday.
