He has given Bestfoods, best known in the UK for Marmite, Knorr soups and Hellmann's mayonnaise, until close of business in the US today to negotiate. It is a 10 per cent premium above the all-time share high.
Flexibility is important.
The market reacted negatively on fears Unilever would end up overpaying or that a bidding war might result. It was rumoured that Heinz, linked to Bestfoods last year to create a merger of equals, could emerge as a white knight. Unilever shares closed down 9 per cent at 348fp. Unilever, which makes Persil washing powder, Magnum ice-cream and Flora margarine, recently outlined plans to slash threequarters of its smallest 1,600 brands. It denied a U-turn in strategy by targeting Bestfoods.