In this May 2, 2009 file photo, Warren Buffett, CEO of Berkshire Hathaway, right, waves to shareholders prior to the annual Berkshire Hathaway shareholders meeting in Omaha, Neb. Warren Buffet's Berkshire Hathaway said Tuesday, Nov. 3, 2009, it has agreed to buy Burlington Northern Santa Fe in a deal valuing the railroad at $34 billion.
Associated Press
Berkshire Hathaway will acquire the Heinz ketchup brand for about $28 billion.
Warren E. Buffett has found another American icon worth buying: H. J. Heinz.
Berkshire Hathaway, the giant conglomerate that Mr. Buffett runs, said on Thursday that it would buy the food giant for about $23 billion, adding Heinz ketchup to its stable of prominent brands.
Mr. Buffett is teaming up with 3G Capital Management, a Brazilian-backed investment firm that owns a majority stake in a company whose business is complementary to Heinzs: Burger King.
Under the terms of the deal, Berkshire and 3G will pay $72.50 a share, about 20 percent above Heinzs closing price on Wednesday. Including debt, the transaction is valued at $28 billion.
This is my kind of deal and my kind of partner, Mr. Buffett told CNBC on Thursday. Heinz is our kind of company with fantastic brands.
Read more about The Heinz acquisition on New York Times.
DeseretNews.com encourages a civil dialogue among its readers. We welcome your thoughtful comments.
— About comments
- Couples registry gets preliminary nod from...
- XanGo seeks ouster of co-founder in new lawsuit
- 'Mantiques' could be a ticket to more cash
- The future of food? 3D printing moves beyond...
- S.L. draws up airport plans
- IRS official to take the 5th at hearing
- ESPN cutting workforce, 'smartly managing costs'
- AIG CEO tells college graduates facing...
Subscribe
Mobile
RSS
- S.L. draws up airport plans
32 - Writers offer personal finance advice... 30
- Couples registry gets preliminary nod... 28
- Should we let wunderkinds drop out of... 12
- Obama opposes GOP bill on Keystone XL... 10
- Obama: 'Our focus cannot drift' from... 9
- Apple's Cook to face Senate questions... 6
- The future of food? 3D printing moves... 6
Secretary of State John Kerry just made even more money today. By marrying Teresa Heinz, he secured himself as the wealthiest Senator for years, and now he is the wealthiest Sec of State in our nations history. I look forward to him paying his More..