Kraft merger bid 'fundamentally undervalues' firm
US food and beverage company Kraft Heinz to merge
The Hague - Arab Today
An offer by giant US food and beverage company Kraft Heinz to merge with Unilever was snubbed because it "fundamentally undervalues" its Dutch rival, Unilever said Friday.
The Rotterdam-based group said the Kraft offer represented an 18% premium over the share price at close on Thursday. "This fundamentally undervalues Unilever," it said in a statement, adding it had "no merit, either financial or strategic, for Unilever's shareholders. Unilever does not see the basis for any further discussions."
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