A major competitor to Kraft Heinz is gaining amid news that the company killed its bid for Unilever

Mondelez International is up 4.26% at $44.31 a share on Tuesday morning as merger talks between the food company's two biggest competitors were called off on Sunday.

Kraft Heinz, the maker of Velveeta, Mac and Cheese, and Heinz Ketchup, approached Unilever, the company behind Ben & Jerry's, Hellman's mayonnaise, and Dove, with a $143 billion offer on Friday that was rejected the same day. Just two days after the offer, Kraft Heinz called off its plans. Shares of Kraft were down over 3% on Tuesday morning.

In other news, Mondelez, which split with Kraft in 2012, is introducing a new line of healthy crackers and snack bars called "Vea." Tim Cofer, Mondelez’s chief growth officer, said the company considered making an acquisition but ultimately decided to develop the new food line itself, Bloomberg reports.

Mondelez

(Markets Insider)

See Also: Kraft Heinz is sliding after killing its plan to merge with Unilever

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