Kraft had made a surprise offer for Unilever in a bid to build a global consumer goods behemoth that was flatly rejected on Friday by Unilever, the maker of Lipton tea and Dove soap. Kraft was forced to publicly disclose its offer to Unilever on Friday to comply with Britain’s takeover regulations, after rumours of its approach to Unilever circulated among stock traders. Under UK takeover rules, Kraft’s public withdrawal of its offer precludes it from reviving takeover talks with Unilever for six months. May has been adamant that the government should play a more active role in vetting proposed foreign acquisitions of UK companies. He cited Colgate-Palmolive Co. as one potential target, noting that its stock popped 4% Friday on news that Kraft was eyeing Unilever.

Source: Mint February 19, 2017 20:45 UTC