Magic beans? Billionaire Warren Buffett buys Heinz for $28bn
We buy more than a million cans of its beans every day and there’s no tomato sauce quite like it – now, food giant Heinz is to be snapped up by US billionaire Warren Buffett.
Buffett, the second-richest man in the US behind Bill Gates, is to buy the iconic food company in a deal worth $28bn (£18bn).
The billionaire’s Berkshire Hathaway company and private equity firm 3G have agreed to take over the food company.
The takeover has been approved by the company's board, but still needs to be voted on by shareholders.
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It is the fourth largest food and beverage acquisition of all time.
The company was founded in 1869 by H J Heinz, who went bankrupt trying to sell horseradish in America before developing his famous ketchup recipe. He went on to rebuild a company which would eventually gross more than $11 billion in sales per year.
In an interview on CNBC, Buffett said he had sampled the signature Heinz ketchup “many times”.
“It's our kind of company,” the billionaire said.
Buffett is the world's most successful investor. His expertise has earned him the nickname "the sage of Omaha".