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Kraft drops Unilever bid

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Kraft drops Unilever bid
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US food giant Kraft has dropped its plan to buy the UK-based Unilever.

The offer was worth about 135 billion euros but Unilever flatly rejected it. The maker of Lipton tea and Dove soap said it saw no merit, either financial or strategic, in it.

A merger would have been one of the biggest ever, bringing together dozens of household names, from Marmite to Heinz ketchup.

Sources told Reuters that Kraft did not expect its bid to be disclosed – and dismissed – so quickly, and it chose to withdraw it because it felt it was too difficult to negotiate a deal.

Some key concerns raised during talks included potential UK government scrutiny, as well as differences between the companies’ cultures and business models, the person added.