US food company Kraft Heinz Co withdrew its proposal for a $143bn (€134bn) merger with larger rival Unilever Plc, the companies said today, raising questions about Kraft's next steps and whether it could turn its focus to another target.

Kraft had made a surprise offer for Unilever in a bid to build a global consumer goods behemoth that was flatly rejected on Friday by Unilever, the maker of Lipton tea and Dove soap.

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