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Category: Stockmarket / Currency / Futures / Markets / Takeovers

Unilever shares slump as Kraft Heinz pulls bid

Tuesday, 21 Feb 2017 05:34:38 | Rebecca Hyam

A Heinz ketchup bottle, September 2009. (Flickr: Steve Snodgrass)

Markets in the United States did not trade overnight because of the Presidents' Day public holiday, so all of the overnight action took place in Europe.

Markets at 8:15am (AEDT):

  • ASX SPI 200 futures -0.1 pc to 5,748
  • AUD: 76.84 US cents, 61.6 British pence, 86.88 Japanese yen, 72.37 euro cents, $NZ1.0686
  • US: Closed for public holiday
  • Europe: Euro Stoxx +0.14pc to 355.45, FTSE steady at 7,299, DAX +0.6pc to 11,827
  • Commodities: Gold +0.23pc to $US1,238/ounce, Brent crude oil +0.61pc to $US56.15/barrel

Strength among euro-listed mining stocks and telecommunications companies supported some markets in the region.

However, Unilever slumped after Kraft Heinz withdrew a $US143 billion takeover bid.

Kraft Heinz planned to buy its bigger rival, combining two of the world's largest packaged food and consumer goods companies, but Unilever flatly rejected the offer on Friday.

At one point in the overnight session, Unilever was down 9 per cent, before clawing back some of its losses to close 6.9 per cent lower.

Germany's DAX was the standout performer in the region, with gains of 0.6 per cent to 11,827.

The pan-European STOXX 600 gained 0.14 per cent to 355.45.

Locally, the market is expected to open slightly lower and, at 8:15am (AEDT), the ASX SPI 200 was down 0.1 per cent to 5,748.

At the same time, the Australian dollar was worth 76.82 US cents, having gained a little ground overnight.

West Texas crude oil was worth $US53.36 a barrel, a barrel of Tapis was quoted at $US57.34 and spot gold had increased to $US1,238 an ounce.

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