Finanzas: Unilever explains away the Kraft rejection


  • Top execs with Unilever (UN, UL) took to the stage at the Consumer Analyst Group of New York conference today just more than a week after the company turned down a $143B merger proposal from Kraft Heinz (KHC -0.3%).
  • Management tackled the issue head on by noting that the P/E multiple implied by the Kraft bid was below the «sum of the parts» industry averages. A lack of synergies for the long-term was also noted.
  • Looking ahead to this year, Unilever says that it expects its margin rate to be at the upper end of its 40 bps to 80 bps guidance range.


  • A review on value creation is due to be completed by early April.
  • As for a renewed bid from Kraft, CFO Graeme Pitkethly points out that U.K. takeover code puts Kraft on the sidelines for six months.
  • Shares of Unilever are up about 15% YTD.




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