Unilever to conduct review after Kraft Heinz offer rejection
Consumer goods giant Unilever said it is conducting a comprehensive review of options available “to accelerate delivery of value" for the benefit of its shareholders, just days after it rejected an offer from US rival Kraft Heinz.
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The Marmite owner said: “The events of the last week have highlighted the need to capture more quickly the value we see in Unilever.”
The company expects the review to be completed by early April.
Also on Wednesday, Unilever said it now expects core operating margin improvement for 2017 to be at the upper end of its 40-80 basis points guidance.
Shares in Unilever rocketed last Friday after it emerged that it had rejected a $143bn takeover offer from Kraft Heinz, saying it had “no merit, either financial or strategic”.
Kraft said at the time that it was looking forward to working with the group to reach an agreement on the terms of a transaction, but on Sunday, the US company said it had abandoned its takeover plans.
Kraft said: “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.”
At 1337 GMT, Unilever shares were up 2.8% to 3,688.50p.