Heinz bought by Warren Buffett’s Berkshire Hathaway for $28bn.. largest deal in the food industry ever..insider trading alert
US billionaire Warren Buffett is set to buy food giant Heinz in a deal worth $28bn (£18bn).
Mr Buffett’s Berkshire Hathaway company and private equity firm 3G have agreed to take over the food company, famous for its ketchup and baked beans.
In a statement, Heinz called the deal “historic”, and the largest to date in the food industry.
Shares in Heinz soared nearly 20% in New York to hit the $72.50 price being offered.
And Class A shares in Berkshire Hathaway rose 1% to $149,240 a share – a record closing high.
The takeover has been approved by the company’s board, but still needs to be voted on by shareholders.
“The Heinz brand is one of the most respected brands in the global food industry and this historic transaction provides tremendous value to Heinz shareholders,” said Heinz chairman, president and chief executive William Johnson.
“We look forward to partnering with Berkshire Hathaway and 3G Capital, both greatly respected investors, in what will be an exciting new chapter in the history of Heinz.”
there goes warren..off buying again..and the 20% rise in the heinz share price is now being looked at closely..might have helped pay for the deal with the money made on the trades? biggest deal ever in the food industry..