Beanz means buckz! Heinz bought by Warren Buffett for $28bn
Food giant Heinz has been bought for $28bn (£18bn), in a tasty deal for US billionaire Warren Buffett.
A consortium of investors led by Buffett’s Berkshire Hathaway firm will take over the food company, snapping up the famous ketchup and baked bean makers.
Heinz has labelled the deal “historic” and the largest ever in the food industry, with the board set to approve the deal, pending a vote 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 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.”
Seasoned investor and American billionaire Buffett also welcomed the deal, telling CNBC: “It’s our kind of company.”
The deal is set to offer shareholders $72.50 a share, with Berkshire Hathaway contributing $12-13bn in cash to the deal.
Shares in Heinz rose 19.2% ahead of the New York stock market opening on Thursday.
Heinz has operated in the US market since its founding in Pittsburg in the late 19th century, it curently sells food products in more than 200 countries and is Britain’s biggest seller of baked beans.