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Warren Buffett’s company buys ketchup maker Heinz

By Agence France-Presse
Thursday, February 14, 2013 9:48 EDT
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A hamper of Heinz products presented to Britain's Queen Elizabeth II and Prince Philip pictured during their visit to the Heinz food factory in Wigan, northern England, on May 21, 2009. (AFP)
 
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Warren Buffett’s investment powerhouse Berkshire Hathaway and 3G Capital announced Thursday that they would take over venerable US ketchup maker Heinz in a deal valuing the company at $28 billion.

The two will pay HJ Heinz shareholders $72.50 per share in cash, a 20 percent premium on Heinz’s Wednesday closing price.

Counting debt assumed by the buyers, the deal valued Heinz at about $28 billion, they said.

“Heinz has strong, sustainable growth potential based on high quality standards, continuous innovation, excellent management and great tasting products,” Buffett, the chairman of Berkshire, said in a statement.

“Their global success is a testament to the power of investing behind strong brand equities and the strength of their management team and processes.”

Agence France-Presse
Agence France-Presse
AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.
 
 
 
 
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