US food company Kraft Heinz Co withdrew its proposal for a $143-billion merger with larger rival Unilever Plc, the companies said on Sunday, raising questions about whether Kraft will turn its focus to another target. “Kraft Heinz’s interest was made public at an extremely early stage,” Kraft Heinz spokesman Michael Mullen said in a statement. 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 the government should be more active in vetting proposed foreign acquisitions of UK companies. Labor union representatives expressed relief that the deal talks broke down, citing concern about its potential effect on jobs and consumers.

Source: Indian Express February 20, 2017 02:46 UTC