By  on February 19, 2017

The Kraft Heinz Co. has withdrawn its $143 billion bid to acquire the Anglo-Dutch Unilever food, personal-care and beauty giant.

Michael Mullen, senior vice president of corporate and government affairs at Kraft, said Sunday afternoon, “Kraft Heinz's interest was made public at an extremely early stage. Our intention was to proceed on a friendly basis, but it was made clear Unilever did not wish to pursue a transaction. It is best to step away early so both companies can focus on their own independent plans to generate value. We remain focused on driving long-term value while always putting our consumers first.”

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