The takeover of the Anglo-Dutch consumer goods giant would have been one of the largest deals in corporate history but was resisted at Unilever and had provoked political unease over British jobs. Unilever rejected the offer by the American firm on Friday, describing the approach as having “no merit, strategic or financial”.

Kraft Heinz was expected to return with a higher offer, but late on Sunday the two firms issued a surprise joint statement announcing no deal would go ahead. It said: “Unilever and Kraft Heinz hereby announce that Kraft Heinz has amicably agreed to withdraw its proposal for a combination of the two companies.