It is almost 18 months since Unilever spurned Kraft Heinz's advances and the market has been speculating about which company the US-based giant could target next.
Kraft Heinz's move for Unilever was a clear indication the ketchup maker's management and owners were ready for the group's next deal.
Next month, it will be three years since Kraft Heinz was formally created through the combination of Kraft Foods Group and HJ Heinz.
3G Capital, the Brazil-based private-equity firm and the more operational of Kraft Heinz's two largest shareholders (the other being Warren Buffett's Berkshire Hathaway) made its name leading the consolidation of the beer industry.
And after 3G and Buffett teamed up to buy Heinz in 2013 and then merge it with Kraft Foods Group two years later, it was assumed the private-equity firm would look to pursue a similar strategy in packaged food.
The move for Unilever took some by surprise, with food a minority part of the FMCG giant's operations and emerging markets an ever-more important part of the business.
thumbnail courtesy of just-food.com