Kraft approached Unilever with an offer of $143 billion.
Shares in Unilever are up 12.26% at $37.51 a share while Kraft Heinz is up 2.49% at $93.37 a share on Friday morning after Unilever rejected Kraft's takeover bid.
Kraft, the maker of Velveeta, Mac and Cheese, and Heinz Ketchup approached the company behind Ben & Jerry's, Hellman's mayonnaise and Dove with a $143 billion offer.
While Kraft said in a statement that they "look forward to working to reach agreement on the terms of a transaction," a Unilever statement says the company "rejected the proposal as it sees no merit, either financial or strategic, for Unilever's shareholders."
A merger between the two firms would be one of the biggest in history.
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