US giant Kraft Heinz has withdrawn its takeover bid of personal care giant Unilever, after the personal care giant rejected the move stating that the deal offered ‘no merit, either financial or strategic’, according to the company.

Kraft offered around $143 billion for Unilever, a sum the Dove maker said ‘fundamentally undervalued the company’. Continuing, the company said, “Unilever does not see the basis for any further discussions,” according to the BBC.

While it was originally thought that the US company would continue working on a takeover offer, Kraft Heinz announced yesterday it would not be continuing to try and acquire the business. In a deal which would have been of the biggest in history, there were some concerns it could be met by disapproval from competition regulators and would possibly result in job cuts.

The companies said in a joint statement, “Unilever and Kraft Heinz hold each other in high regard.”

Meanwhile speaking in an emailed statement, Michael Mullen, a spokesperson for Kraft Heinz said, “Kraft Heinz’s interest was made public at an extremely early stage.
“Our intention was to proceed on a friendly basis, but it was made clear Unilever did not wish to pursue a transaction. It is best to step away early so both companies can focus on their own independent plans to generate value.”

It is thought UK Prime Minister Theresa May had asked for the deal to be looked into before it was closed, according to the Financial Times.