Buffett and Co. to Buy Heinz

In largest deal in food industry history

By Kevin Spak,  Newser Staff

Posted Feb 14, 2013 8:57 AM CST

(Newser) – An investment group including Warren Buffett has agreed to buy HJ Heinz Co., in what the company says will be the largest deal in food industry history. Shareholders will get $72.50 in cash for each common share, a 20% premium on yesterday's closing price, meaning the deal values the company at about $23.3 billion, the AP reports. "It's our kind of company," Buffett said in an interview on CNBC. Of its century-old ketchup he said, "I've sampled it many times."

Berkshire Hathaway is buying Heinz in conjunction with 3G Capital, the same invesment firm that bought Burger King in 2010. Heinz, which also produces Classico spaghetti sauces, Ore-Ida potatoes, and Smart Ones frozen meals, will remain headquartered in Pittsburgh.

In this March 2, 2011 file photo, Heinz ketchup is seen on the shelf of a market in Barre, Vt.
In this March 2, 2011 file photo, Heinz ketchup is seen on the shelf of a market in Barre, Vt.   (Toby Talbot)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
4%
25%
31%
33%
4%
2%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   MSN Living   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   Biography   |   Barstool Sports   |   OK!