Heinz Gets Chinese Regulatory Approval for Berkshire Acquisition
Having already received antitrust clearance from the U.S., Brazil, India, South Korea, Japan, Israel, Mexico, South Africa and Ukraine, H.J. Heinz said it has now obtained regulatory clearance from China as well to pave the way for its acquisition by Warren Buffett's Berkshire Hathaway and an investment fund affiliated with 3G Capital.
Heinz has also received regulatory approvals in Russia, New Zealand, and Ireland but still awaits antitrust clearance from Russia and the European Union.
Shareholders of the ketchup maker have already approved the merger, which will see Berkshire pay $28 billion for the company, which includes Heinz's debt. The deal was originally announced on Feb. 14 and still remains subject to certain customary closing conditions. It is expected to close in early to mid-June.
The article Heinz Gets Chinese Regulatory Approval for Berkshire Acquisition originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends Berkshire Hathaway and H.J. Heinz and owns shares of Berkshire Hathaway. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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