NEW YORK — Kraft Heinz has withdrawn its $143 billion offer to buy Unilever, backing away after the mayonnaise, tea and seasonings maker rejected the bid as too low.

The companies announced the decision Sunday in a joint press release, saying that Kraft Heinz has “amicably” withdrawn the offer.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. The fact that it bid for all of Unilever and not just its food business indicates that Kraft Heinz is potentially open to acquiring other packaged consumer goods, one analyst said.

Unilever, which has a head office in London, also has a stable of personal care brands such as 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 combination would have brought together Kraft Heinz brands that include Oscar Mayer, Jell-O and Velveeta with Unilever’s Hellman’s, Lipton and Knorr. The combined company could have rivaled Nestle as the world’s biggest packaged food maker by sales.

Mergers can result in consolidated manufacturing systems or give companies access to distribution networks in regions of the world where they don’t have a big presence.