Unilever slumps as Kraft Heinz pulls bid; United States markets shut for holiday
21:27, Feb 21, 2017
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However, Unilever said that the offer fundamentally undervalues the company.
Buffett isn't known for hostile takeovers, and Unileverrejected this one.
Tonight's announcement will please the Government, which was pushing Kraft Heinz to reveal more details about its proposed takeover, amid growing concerns over potential job losses if a deal had gone ahead.
Kraft Heinz is jointly controlled by 3G and Mr Buffett's Berkshire Hathaway, and the abrupt withdrawal of the USA food group's offer for Unilever was the first time the private equity company has been defeated in a takeover battle. While the USA food company said Friday it would continue talks with Unilever, its takeover bid was withdrawn on Monday, The New York Times reported. This outpaces the 2% growth in the center aisle of stores, which includes the packaged food section, according to a Nielsen report. Switzerland's Nestle SA is also a "hot breakup candidate" or a company that could reshape its assets, he said. Shares of Kraft Heinz and Unilever surged Friday as investors saw prospects for cost cutting. 3G Capital also put the American fast-food chain Burger King together with the Canadian coffee and doughnut chain Tim Hortons - with financing from Berkshire Hathaway. However, Unilever made it crystal clear that it was not interested in a transaction coming through.
The other 40 per cent of the consideration consisted of shares in the enlarged company.
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It has been less than two years since a href="http://www.foodbev.com/news/heinz-and-kraft-foods-announce-merger/" Kraft Foods and HJ Heinz merged /a to form a joint entity. The firm has a market capitalization of $117.62 billion, a P/E ratio of 34.40 and a beta of 0.42.
"The company is extremely sensitive to criticism of this structure, but I really do think the structure was an impediment to any deal with 3G [Capital, one of the investors in Kraft Heinz]", the top ten shareholder explained to the newspaper. Four years ago Kraft spun off its global and snack businesses into a separate company, Mondelez worldwide, leaving the smaller Kraft company to focus on USA grocery brands.
M&A seems to be the main driver in the consumer staples sector, and Kraft's move is likely to cause a number of other companies to start looking at their own merger plans.
The company spokesman of Kraft Heinz, Michael Mullen said that the leak happening at an early stage of negotiations led to the abrupt ending of this deal.
FoodBev broke news of the initial £106 billion offer on Friday, which Unilever claimed grossly underestimated its total value.
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