Unilever remains cool to Kraft Heinz takeover bid despite rally

Unilever shares surged 13 per cent to a record in London

Kraft Heinz Co made a $143-billion offer for Unilever in what would be the largest-ever takeover in the food or beverage industry, opening a campaign to create a consumer-goods giant with household names from Dove soap to Heinz ketchup.

Unilever said Friday it rejected the $50 a share proposal, comprising about two-thirds in cash and a third in new stock. The approach “fundamentally undervalues” the company, Unilever said, adding that it doesn’t see a basis for further discussions. Kraft Heinz said earlier it would seek to gain an agreement on the terms of a transaction.

Unilever shares surged 13 per