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Kraft Heinz 'Amicably Agrees' To Withdraw Takeover Bid For Unilever

Unilever shares fell sharply at the open of trading Monday after Kraft Heinz Co withdrew its bid for the consumer products company

Unilever plc (UL) - Get Unilever PLC Sponsored ADR Report  shares fell sharply at the open of trading Monday after Kraft Heinz Co. (KHC) - Get Kraft Heinz Company (KHC) Reportwithdrew its bid for the consumer products company, but remained firmly above the price traded prior to the $143 billion bid made late last week.

Kraft Heinz issued a joint statement with the Anglo Dutch company Sunday that said the pair had "amicably agreed to withdraw its proposal for a combination of the two companies." That followed a firm rejection of the $50 per share cash and share bid put forward Friday.

"Unilever and Kraft Heinz hold each other in high regard. Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever," the statement said.

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