Kraft Heinz pulls plug on Unilever deal

PITTSBURGH — Kraft Heinz has called off its $143 billion proposed merger with Unilever.

“Unilever and Kraft Heinz hereby announce that Kraft Heinz has amicably agreed to withdraw its proposal for a combination of the two companies,” the companies said in a joint statement. “Unilever and Kraft Heinz hold each other in high regard. Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever.”

Unilever had previously stated Kraft Heinz’s bid of $143 billion, or $50 per American Depositary Receipt, “fundamentally undervalues” its company.