Unilver Launches Strategic Review After Rejecting Kraft Heinz Deal

By Ian Walker 

LONDON--Consumer goods group Unilever PLC on Wednesday said it was embarking on "comprehensive" review to wring out more value for shareholders, just days after rejecting a $143 billion offer from Kraft Heinz Co.

The Anglo-Dutch group, which houses the Dove, Marmite and Lipton brands, said the review will be completed in April.

"The events of the last week have highlighted the need to capture more quickly the value we see in Unilever," it said.

On Sunday, Kraft dropped its offer for Unilever a little more than 48 hours after making an audacious bid to combine two of the world's biggest packaged-food companies.

Kraft's withdrawal came after Unilever spent the previous 10 days telling its suitor that the deal didn't make strategic sense given the companies' different business models, a person familiar with the matter said at the time. Kraft's interest became public on Friday.

Unilever argued its growth prospects lie in part with investing in its home and personal-care offerings, a business Kraft doesn't have, this person said. Kraft, meanwhile, has been focused on cutting costs to boost earnings.

Saabira Chaudhuri and

Ben Dummett

contributed to this article.

Write to Ian Walker at [e-mail]

(END) Dow Jones Newswires

February 22, 2017 09:07 ET (14:07 GMT)

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