Kraft Heinz Co. said Friday it has made a bid to take over U.K consumer products giant Unilever PLC.
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Kraft Heinz said Unilever has declined the proposal, but "we look forward to working to reach agreement on the terms of a transaction."
The U.S. food and beverage maker said it is uncertain that any further formal proposal will be made to Unilever or that an offer will be made at all. It also said the terms of any such transaction are uncertain.
Shares of Kraft Heinz rose 3.9% premarket in New York. London-listed Unilever shares at 1219 GMT trading 11% higher at 3,739 pence each.
This is a developing story and will be updated shortly.