Global FMCG giant H.J. Heinz Co has been bought by Warren Buffett's Berkshire Hathaway Inc. and Brazilian-backed investment firm 3G Capital for $23.2 billion (about €17 billion) in cash.
Buffet told CNBC that 3G approached him with the idea in December and that it was "my kind of deal." Berkshire and 3G will be equal equity partners in the acquisition that is expected to be completed by the third quarter. 3G, an investor in fast-food chain Burger King, will be Heinz's operator after the deal closes, and the company will remain headquartered in Pittsburgh.
The ketchup and baby food maker saw shares soar 20 per cent after the announcement that the consortium will buy the group. Including debt, the transaction is valued at $28 billion. (14 Feb)
© 2013 - ESM: European Supermarket Magazine by Kevin Kelly
