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Kraft Heinz is dropping its plans to merge with Unilever

Portia CroweFeb 19, 2017, 23:31 IST

Berkshire Hathaway shareholders pose with likenesses of Berkshire CEO Warren Buffett (L) and vice-chairman Charlie Munger at the Heinz company display at the shareholder's shopping day in Omaha, Nebraska.Reuters/Rick Wilking

Kraft Heinz and Unilever are calling off their plans to merge, just two days after news of Kraft Heinz' interest broke.

"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.

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

More to come...

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