Kraft Heinz is sliding after killing its plan to merge with Unilever
The Kraft Heinz Company is down 3.07% at $93.68 a share on Tuesday morning.
Kraft Heinz, the maker of Velveeta, Mac and Cheese and Heinz Ketchup, approached Unilever, the company behind Ben & Jerry's, Hellman's mayonnaise and Dove, with a $143 billion offer on Friday that was rejected the same day. Just two days after the offer, Kraft Heinz called off its plans.
"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 statement on Sunday.
A merger between the two firms would have been one of the biggest in history.
See Also: Popeyes is soaring on news it's being acquired by the owner of Burger King
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