Kraft Heinz Confirms Merger Proposal Rebuffed By Unilever

By Tonya Garcia Markets MarketWatch Pulse

Shares of both Kraft Heinz Co. and Unilever PLC rose in Friday premarket trading after Kraft revealed that it made a merger proposal to Unilever that was declined. Shares of Unilever shot up 8.1%, while Kraft Heinz stock rose 3.1%. "While Unilever has declined the proposal, we look forward to working to reach an agreement on the terms of a transaction," Kraft Heinz said in the statement. Kraft brands include Oscar Meyer, Velveeta and Jell-O. Dove, Lipton and Vaseline are among Unilever's brands. Kraft stock is up 17.6% in the past year, Unilever shares are down 1.4% over that period, and the S&P 500 index is up 21.8% in the past 12 months.

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