Unilever to raise Bestfoods bid?

30 May 2000

Unilever to raise Bestfoods bid?

UNILEVER may offer more than US$70 (47) a share for Bestfoods if it receives information from its target to justify this, reports the Financial Times.

Bestfoods – which makes Knorr soups and Hellmanns mayonnaise – has said $70 a share is not enough.

Shareholders have indicated that they want Unilever to offer $72 a share, a sum thought to have been offered last year by Heinz.

Bestfoods believes that $1 billion (600m) in cost savings are possible, twice as much as Unilver claims.

The FT says this saving would give Unilever scope to raise its $66 a share offer, worth $18.4bn.

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