logo
Share SHARE
FONT-SIZE Plus   Neg

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

H.J. Heinz Co. (HNZ) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Tech giant Apple Inc. has developed a new technology that will prohibit audiences using their iPhones to record concerts. The Cupertino, California-based company has secured a patent in the US for its new technology. The technology uses infrared signals to shut down cameras on audience members' smartphones. The... Snacks giant Mondelez International Inc. (MDLZ) made a takeover bid of $23 billion to acquire chocolate behemoth Hershey Co. (HSY) that would create the world's largest chocolate company. Nevertheless, shares of Hershey jumped over 15 percent after the company revealed that it has rejected the offer. "The... Mortgage rates dropped this week to the lowest level in more than three years hurt by the UK's shocking decision to exit European Union. Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.48 percent for the week ended...
comments powered by Disqus
Follow RTT