Kraft Heinz has withdrawn its $143 offer to buy Unilever backing away after Unilever rejected the bid as too low. The companies announced the decision Sunday in a joint press release, saying that Kraft Heinz has ‘’amicably’’ withdrawn the offer.

Analysts say, Kraft Heinz, co-headquartered in Chicago and Pittsburgh, is still in the market for acquisitions.

Unilever, which has a head office in London, also has a stable of personal care brands such a Dove soap. Unilever rejected the offer last week, but despite that, ketchup, cheese, and lunch meat maker Kraft Heinz said at the time that it was still interested in the deal.

The deal would have brought together Kraft Heinz brands such as Oscar Mayer, Jell-O and Velveeta and Unilever’s Hellman’s, Lipton and Knorr. The combined company would have rivaled Nestle as the world’s biggest packaged food maker by sales. 

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