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Kraft Heinz

Kraft backs out of Unilever bid after hostile reception

LONDON: Kraft Heinz rapid retreat from its surprise $143 billion bid for Unilever in the face of stiff resistance from the company and politicians sent shares in the Anglo-Dutch group 8 percent lower on Monday. Kraft, which is backed by Warren Buffett and the private equity firm 3G, wanted to buy Unilever as part of its strategy to become a global consumer goods giant by buying competitors and cutting costs and jobs to drive profits. However, the U.S. food group had not factored in the resistance it received from…

Kraft Heinz bids $143 billion for Unilever in global brand grab

LONDON: U.S. food company Kraft Heinz made a surprise $143 billion offer for Unilever in a bid to build a global consumer goods giant, although it was flatly rejected on Friday by the maker of Lipton tea and Dove soap. A combination would be the third-biggest takeover in history and the largest acquisition of a UK-based company, according to Thomson Reuters data. It would bring together some of the world's best known brands, from toothpaste to ice creams, and combine Kraft's strength in the United States with…