Kraft’s shock bid jolts Unilever

NEW YORK: Kraft Heinz's bid has jolted Unilever into focusing more on delivering on its strategy in the short-term, the Anglo-Dutch company's finance chief said on Friday.

Graeme Pitkethly said Kraft's offer had highlighted the importance of achieving a balance between long-term sustainable value, which it had prioritized, and short-term delivery.

"This has certainly been a trigger moment for Unilever, and we will not waste it," he said at the Consumer Analyst Group of New York conference in Boca Raton, Florida, in a presentation streamed on its website.

The U.S. company walked away from a fight with Unilever on Sunday, just two days after its $143 billion bid - and Unilever's rejection - was made public.

Kraft, which is backed by Warren Buffett and the private equity firm 3G, wanted to buy Unilever as part of its strategy to become a leading consumer goods giant by buying competitors and cutting costs and jobs to drive profits.

The approach caused Unilever, which makes OMO detergent and Magnum ice cream, to announce a far-reaching review on Wednesday, seeking to show shareholders it could realize the value spotted by its rival.