2017.04.0603:13:00UTC+00Unilever Rolls Out Plans to Revamp Business

Unilever looks to repurchase 5 billion euros or $5 billion worth of stock and relieve itself of its spreads unit in an attempt to bolster share price after rebuffing a buyout bid by Kraft Heinz Co.

In a released statement by the owner of the Dove soap and Hellmann's mayonnaise brand, it said it will also bolster dividend by 12 percent. The statement discussed the results of the strategic review it launched after the unwarranted takeover bid. The company also hiked a costs savings target from 4 billion euros to 6 billion euros.

Kraft Heinz cancelled its $143 billion offer in February two days after reports of the buyout emerged, stating that the early information leak complicated the plans.

Unilever's top management promised to improve returns and has confirmed that their long-term strategy at creating shareholder value has delivered tangible results. This is in contrast to what they call short-term focus by Kraft-Heinz.

The firm has broken off its spreads business into a separate entity in preparation for a possible sale. The company said that the business will either be sold or spun off. The company expects 3.5 billion euros of costs to be saved in 2017-2018 with the given measures.

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