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China Approves Acquisition Of H.J. Heinz By Berkshire Hathaway And 3G Capital

5/24/2013 10:02 AM ET

H.J. Heinz Co. (HNZ: Quote) announced that it has received regulatory approval from the Chinese Ministry of Commerce for the acquisition of Heinz by an investment consortium comprised of Berkshire Hathaway (BRKA, BRKB) and an investment fund affiliated with 3G Capital.

The transaction remains subject to certain customary closing conditions, including receipt of certain remaining regulatory approvals, and is now expected to close in early-to mid-June.

Heinz said it has received antitrust clearance in the United States, Brazil, India, South Korea, Japan, Israel, Mexico, South Africa and Ukraine, and other regulatory approvals in Russia, New Zealand and Ireland. The Company noted that it is waiting for antitrust clearance in the European Union and Russia.

Heinz agreed in mid-February to be taken private by an investment consortium comprised of Berkshire Hathaway and 3G Capital for $72.50 per share in cash in a deal valued at about $28 billion, including assumed outstanding debt.

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by RTT Staff Writer

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