Warren Buffett snaps up Heinz for £18bn
By John Reynolds, marketingmagazine.co.uk, Thursday, 14 February 2013 05:01PM
Heinz has been sold to the high-profile US financier Warren Buffett for $28bn (£18bn).
The deal has been described by Heinz as "historic", and marks the biggest deal to date in the food industry.
Buffett, the chairman of Berkshire Hathaway Fund, was backed by investment firm 3G Capital.
The takeover has been approved by the Heinz board and will now need to be approved by shareholders.
William Johnson, chairman, president and chief executive of Heinz, said: "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.
"We look forward to partnering with Berkshire Hathaway and 3G Capital, both greatly respected investors, in what be an exciting new chapter in the history of Heinz."
Berkshire Hathaway and backers 3G Capital – the company which purchased Burger King in 2010 – have pledged to keep the Heinz headquarters in Pittsburgh.
In the UK and Ireland, Heinz employs around 2,500 people across its food factories and at its UK headquarters in Middlesex.Follow @johnreynolds10
This article was first published on marketingmagazine.co.uk
- Senior copywriter story uk limited Negotiable depending on experience, Edinburgh
- Senior Marketing Manager Cutis Developments £50,000 - £60,000 per annum , Victoria, London (Greater)
- Front End Developer 35-45k London Red Sofa London £35000 - £45000 per annum + Benefits, London
- Senior Media Analyst - Media Consultancy Oxygen Recruitment Solutions Ltd £30,000 - £40,000 + bonus and benefits, London (Central), London (Greater)
- Senior Account Manager Mustard Jobs £32000.00 - £35000.00 per annum + DOE, City of London
- What the end of Page 3 means for advertising
- Havas partners with Facebook's Atlas for multi-device ad targeting
- Daily Mirror publishes its own tits on Page 3
- Has JCDecaux chosen the wrong time to abandon its trade body?
- 'This girl can' tops Campaign Viral Chart
- John Brown Media appoints Rebekah Billingsley to head of digital and content strategy role