Kraft Heinz withdraws proposal to acquire Unilever

Unilever (UN, UL) and Kraft Heinz (KHC) announced in a joint statement Sunday that Kraft Heinz has "amicably agreed to withdraw its proposal for a combination of the two companies." The press release added, "Unilever and Kraft Heinz hold each other in high regard. Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever." Kraft Heinz, which is partly owned by 3G Capital Partners and Warren Buffet's Berkshire Hathaway (BRK.A, BRK.B), confirmed on Friday that it was working on a deal to acquire Unilever. Kraft shares closed Friday up 11% to $96.65 while Unilever closed up 15% to $48.79.