Most Active Stories
- In A Band? The Chattanooga Music Database Seeks Info
- CSAS Tops the List of Chattanooga's Grade Schools in 2013 Report
- Handmade Goods That Help African Refugees: Amani Chattanooga Distributes Fair-Trade Items
- Paul’s Playlist: In This WUTC Special, Meteorologist Barys Shares Favorite Songs
- St. Elmo Holiday Hop Features Food, Art, Open Houses & More 12/14
Warren Buffett Puts Heinz In His Pantry
The Oracle of Omaha is again showing he's got a taste for companies that make the kinds of food many Americans love.
Warren Buffett's Berkshire Hathaway is joining with the Brazilian investment group 3G Capital to buy H.J. Heinz Co. for $23.3 billion. Add in the debt that the new owners will assume and the deal's value grows to $28 billion, Buffett's company says.
Berkshire Hathaway already owns Dairy Queen, and 3G Capital bought Burger King in 2010. Now they'll have plenty of ketchup for those chains, to be sure. They also add Heinz's T.G.I. Friday's to their restaurant holdings.
The deal, said to be the largest ever in the food industry, pays Heinz shareholders $72.50 in cash for each share.
According to the Pittsburgh Post-Gazette, "Berkshire Hathaway and 3G Capital have pledged to maintain Pittsburgh as [Heinz's] global headquarters, and to fulfill and continue its philanthropic support of community initiatives and related investments."