Berkshire Hathaway Set to Close on Heinz This Week
Ketchup maker H.J. Heinz has received all regulatory approvals necessary for the $28 billion acquisition by Berkshire Hathaway and an investment fund affiliated with 3G Capital, and plans for the deal to close on or about June 7, the company announced today.
A little over a week ago it got the nod from Chinese authorities and said it was still waiting on antitrust approval from the EU and Russia to complete the transaction. Shareholders have already approved the deal.
In a global economy, getting everyone on board is de rigeur. It had already got antitrust clearance from the U.S., Brazil, India, South Korea, Japan, Israel, Mexico, South Africa and Ukraine. Other regulatory approvals from Russia, New Zealand, and Ireland were also received, but the antitrust issues still needed the OK.
The transaction was first announced on Feb. 14 and was approved by Heinz shareholders on April 30. The parties now expect the transaction to close by the end of the week or so, subject to the satisfaction of "customary closing conditions." Heinz products include Heinz Ketchup, sauces, soups, beans, pasta and infant foods (representing over one-third of Heinz's total sales), Ore-Ida potato products, Weight Watchers Smart Ones entrées, T.G.I. Friday's snacks, and Plasmon infant nutrition.
The article Berkshire Hathaway Set to Close on Heinz This Week 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 Company. The Motley Fool owns shares of Berkshire Hathaway. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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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