Heinz Shareholders Approve Acquisition
Heinz Shareholders Approve Acquisition
The Pittsburgh-based ketchup maker said Tuesday that shareholders overwhelmingly approved its acquisition by Warren Buffett's Berkshire Hathaway and 3G Capital, the investment firm that also owns Burger King.
The firms have said that Berkshire is acting as a financing partner while 3G, which is known for its aggressive cost-cutting, will run the company. In addition to condiments, H.J. Heinz Co. also makes baked beans, vinegar and Classico pasta sauce, as well as a variety of products overseas.
The $23 billion deal, which is the biggest ever in the food industry, is still subject to regulatory approvals. But big changes are already underway.
Earlier this month, Heinz announced that Bernardo Hees, a 3G partner and Burger King's CEO, would take over the top job once the acquisition is complete.