Global food giants, Unilever and The Kraft Heinz Company, have revealed they were in merger talks.
Kraft's surprise US$143bn offer for Unilever was rejected, reportedly because the deal had no financial or strategic merit.
The merger would have involved the third-biggest takeover in history.
According to a short statement, Kraft Heinz said it had agreed to amicably withdraw its proposed merger.
“Unilever and Kraft Heinz have great reciprocal esteem. Kraft Heinz has the deepest respect for Unilever's culture, strategy and leadership," the statement said.
