Unilever plc plunged over 8% shortly after trade started on Monday following the news that Kraft Heinz Co. withdrew its offer to acquire the consumer goods company.
On Friday, Kraft Heinz confirmed it made an official merger bid to Unilever, which resulted in the British-Dutch company’s stock soaring over 11%. However, just a couple of days later, the two companies announced that Kraft Heinz “amicably” dropped the takeover bid.
Unilever shares plummeted 7.95% at 9:33 am CET.
Image: EPA / HANNAH MCKAY
