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Kraft Heinz Makes Approach to Unilever on Possible Merger

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Kraft Heinz Confirms Approach Made to Unilever on Merger

Kraft Heinz Co. said it made an approach to Unilever about combining the companies, a deal that would create a consumer-goods giant with brands spanning Dove soap to Heinz ketchup.

Unilever rejected the approach, Kraft Heinz said Friday in a statement issued in response to speculation that it had made a bid. The Pittsburgh-based company said it made a “comprehensive proposal” and will seek to gain an agreement on the terms of a transaction.

Unilever shares surged as much as 15 percent to a record in London, valuing the maker of Hellmann’s mayonnaise at more than 113 billion pounds ($140 billion). The stock gained as much as 12 percent in Amsterdam, while Kraft Heinz gained about 4.7 percent in...