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Unilever has said it has no interest in negotiating a takeover deal with Kraft Heinz, after the US group made a $143bn offer for the group.
Earlier on Friday Kraft said it looked “forward to working to reach agreement” on a deal, but in a statement later in the day Unilever said it “does not see the basis for any further discussions.”
Unilever confirmed that Kraft had made an offer worth $50 per Unilever share in a mix of cash and shares, but said the bid “fundamentally undervalues Unilever”.
It added that it “sees no merit, either financial or strategic, for Unilever’s shareholders”.
By publication time shares in Unilever had pulled back slightly from their earlier record highs, but shares were still up 12 per cent for the day, their biggest rise in almost 30 years at £37.55 ($46.73).