The merged company (Unilever and Kraft Heinz) would have rivaled Nestle as the world’s biggest packaged food maker by sales. Photo: ReutersNew York: Shares in Unilever, the owner of brands like Hellman’s, Lipton, and Knorr, are down sharply after rival Kraft Heinz withdrew a $143 billion takeover offer. The companies said Sunday in a joint press release that Kraft Heinz has “amicably” abandoned the offer. Also Read| Kraft Heinz withdraws Unilever merger offerThe merged company would have rivaled Nestle as the world’s biggest packaged food maker by sales. Analysts say Kraft Heinz, co-headquartered in Chicago and Pittsburgh, is still in the market for acquisitions.

Source: Mint February 20, 2017 12:19 UTC