Spreadex Market Update
Unilever tumbles as Kraft Heinz abandons bid
"Kraft Heinz evidently didn’t feel up to the M&A battle Unilever's rejection suggested, announcing this morning that it was abandoning the proposed merger"
In the Eurozone things were far more robust, with the DAX and CAC surging 0.8% and 0.9% respectively. It’s hard to ascertain exactly what is behind this up swell, though the prospect of progress in today’s Eurogroup meeting – to discuss, of course, the Greek debt crisis – could be fuelling the good vibes put out by investors this morning.
Beyond the major markets the main news this Monday was the collapse of Kraft Heinz’s attempted Unilever takeover. The deal, which was only revealed on Friday, fell apart almost immediately as Unilever firmly stated the ketchup maker’s £40 per share bid was insultingly low – Kraft Heinz evidently didn’t feel up to the M&A battle this rejection suggested, announcing this morning that it was abandoning the proposed merger. Understandably Unilever’s investors weren’t best pleased, having sent the company nearly 14% higher last week, the stock dropping just shy of 9% after the bell.
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