Kraft Heinz Co. withdrew its $143 billion bid for Unilever two days after the approach became public, citing the Anglo-Dutch target’s reluctance to engage in discussions.

“Kraft Heinz’s interest was made public at an extremely early stage,” spokesman Michael Mullen said Sunday. “Our intention was to proceed on a friendly basis, but it was made clear Unilever did not wish to pursue a transaction. It is best to step away early so both companies can focus on their own independent plans to generate value.”

The decision to withdraw the offer came after 3G Capital and Warren Buffett’s Berkshire Hathaway Inc., which together own about half of Kraft Heinz, decided that Unilever’s negative response made a friendly transaction impossible, people with knowledge of the situation said. Both also believed that a protracted war of words wasn’t in the best interest of Kraft Heinz and would risk souring future deal opportunities, the people said.

Unilever last week rejected a $50-a-share buyout offer by Kraft Heinz, saying the proposal “fundamentally undervalues” the household-products maker. Its management fretted behind the scenes about the cost-cutting model at Kraft, which sells products like Velveeta and Jell-O, and its lack of vision for cultivating brands, people familiar with the situation said.

Shares of Unilever jumped 13 percent to close Friday at a record 44.80 euros, or about $47.52, in Amsterdam. Kraft Heinz, based in Pittsburgh and Chicago, climbed 11 percent to a record in New York trading.

Kraft’s overture followed a 2.5 percent decline for Unilever’s stock in 2016, its worst annual performance since 2008.

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