Unilever, the Anglo-Dutch firm behind brands including Marmite and PG Tips, is launching a major review of its business in a bid to deliver more value to shareholders after Kraft Heinz’s failed takeover attempt.
The company said Kraft Heinz’s proposed $143 billion (£115bn) approach underscored the need to “capture more quickly” the value in the consumer goods firm. In a statement, the company said it expects the review to be completed by early April.
“Unilever is conducting a comprehensive review of options available to accelerate delivery of value for the benefit of our shareholders,” it said.
“The events of the last week have highlighted the need to capture more quickly the value we see in Unilever.”
It comes after the two companies issued a joint statement on Sunday in which Kraft Heinz said it had “amicably agreed” to withdraw its proposal.
Unilever had issued a strongly-worded rebuttal on Friday after the Chicago-based company tabled an offer representing an 18 per cent premium on Unilever’s closing share price on 16 February. If successful, the deal would have been the biggest acquisition of a British company on record.
Kraft Heinz brands include Heinz Tomato Ketchup and Philadelphia cheese, while Unilever owns store-cupboard staples such as Hellmann’s mayonnaise and Colman’s mustard.