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US food giant Kraft Heinz has withdrawn a £115 billion bid for a mega-merger with Unilever, the firms have said.

In a joint statement on Sunday the Heinz Tomato Ketchup and Philadelphia cheese manufacturer said it had agreed not to proceed with the offer it made on Friday for the Anglo-Dutch Marmite and PG Tips maker.

Unilever had already snubbed the offer, which represented an 18% premium on its closing share price of 50 US dollars per share (£40.26) on February 16, saying it “fundamentally undervalues” the firm.

The joint statement read: “Unilever and Kraft Heinz hereby announce that Kraft Heinz has amicably agreed to withdraw its proposal for a combination of the two companies.

“Unilever and Kraft Heinz hold each other in high regard. Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever

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