Clearances in for Heinz acquisition

Published on: Jun 3, 2013

Berkshire Hathaway and 3G Capital have received all clearances required to close their acquisition of H.J. Heinz Co. and were expected to complete the acquisition on or before June 7, according to an announcement on June 3.

The two companies reported earlier this year a deal in which they would acquire Heinz for $72.50 per share plus an assumption of debt, which brought the total value of the transaction to $28 billion (Feedstuffs, April 22.)

The deal was overwhelmingly supported by Heinz shareholders (Feedstuffs, May 13).

Heinz, headquartered in Pittsburg, Pa., manufactures and markets Heinz ketchup and mustard and a number of Heinz brand sauces, beans and pastas, as well as Ore-Ida potato products, Weight Watcher's Smart One entrées, TGI Friday's snacks and Plasmon infant formula. It posted 2012 sales of $11.6 billion.

Berkshire Hathaway is the investment portfolio managed by Warren Buffett, and 3G Capital is an investment organization that owns Burger King Worldwide Inc.