Heinz now put on Buffett menu
Published 15/02/2013 | 04:20
Warren Buffett has agreed a $28bn (£18bn) deal to buy the ketchup and baked beans giant HJ Heinz in the biggest ever takeover in the food industry.
Mr Buffett's Berkshire Hathaway and 3G Capital, the investment firm which bought Burger King in 2010, will pay $72.5 (£46.67) per Heinz share, 20% more than the closing share price on Wednesday, to buy the company. The deal, including $5bn (£3.2bn) of outstanding debt, values the business at $23bn (£15bn).
"Heinz has strong, sustainable growth potential based on high quality standards, continuous innovation, excellent management and great tasting products," said Mr Buffett.