LONDON/BENGALURU (Feb 24): Kraft Heinz's bid has jolted Unilever into focusing more on delivering on its strategy in the short-term, the Anglo-Dutch company's finance chief said on Friday. Graeme Pitkethly said Kraft's offer had highlighted the importance of achieving a balance between long-term sustainable value, which it had prioritised, and short-term delivery. The U.S. company walked away from a fight with Unilever on Sunday, just two days after its US$143 billion bid — and Unilever's rejection — was made public. Pitkethly said the bid "substantially undervalued" Unilever, while Kraft's approach to shareholder value was diametrically opposed to its own. But without the foundation of strong organic growth, Kraft would be dependent on further deals.

Source: The Edge Markets February 24, 2017 14:48 UTC