Kraft ripples send U.S. food stocks lower

|By:, SA News Editor

Kraft Heinz (KHC +7.3%) came after Unilever (UN, UL) with a $50 per share offer, consisting of $30.23 in cash and the rest in shares.

The total value of the deal was right around $143B.

If Kraft eventually lands Unilever with a higher offer, several analysts have suggested that it will spin off the housing & personal products business.

Today's drop in Campbell Soup (CPB -7.1%), J M Smucker (SJM -3%), Lamb Wesson (LW -0.8%), General Mills (GIS -4.1%), ConAgra Brands (CAG -1.3%), Inventure Foods (SNAK -2.2%), Mondelez International (MDLZ -1.5%) and Post Holdings (POST -1.2%) is due in part to worrisome earnings/guidance updates, but is also tied to concerns that European CPG names may be more popular M&A targets than U.S. food companies.

Previously: Unilever passes on Kraft Heinz merger (Feb. 17)