Kraft Heinz Takes an Unexpected Turn

Ah, so here is something no one saw coming: Kraft Heinz has removed the $143B bid for Unilever off the table. And now, crash! Shares fell almost immediately after the news broke.

Remember that the billionaire businessman, Warren Buffett and 3G were interested in buying the company, in an effort to take over the food industry. Their aim was to buy up their competition and reduce food prices.

However, they were not expecting two things; 1. CEO Polman of Unilever woud flat out reject the offer and 2. them backing out of the acquisition deal would affect their shares the way it did on.

“Kraft didn’t realize how hostile their approach would be perceived,” one source said.

Warren Buffett was apparently ticked off by the deal.

Unilever’s London-listed shares that rose 13% to a record high when the bid was made public on Friday, dropped 7.8% giving it a market value of 100 billion pounds after Kraft said in a statement on Sunday it had “amicably agreed” to withdraw its proposal.