Most Active Stories
- Janisse Ray’s ‘The Seed Underground’ Explains Startling Loss of Seed Diversity
- Velo Coffee Turns to Kickstarter to Fund New Roaster
- States That Raised Minimum Wage See Faster Job Growth, Report Says
- Supernatural Suspense for Young Shapeshifters in 'Island of Fog' Series
- Book News: A 'Treasure' Of Thrilling Westerns from Tim Champlin
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."