Kraft shareholders approve sale of company to ketchup maker Heinz
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$0 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*No charge for 4 weeks then price increases to the regular rate of $19.00 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.75/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 01/07/2015 (3788 days ago), so information in it may no longer be current.
NORTHFIELD, Ill. – Kraft shareholders have approved the sale of the company to ketchup maker H.J. Heinz, creating one of the world’s largest food companies with annual revenue of about $28 billion.
Heinz’ owners, Warren Buffett’s Berkshire Hathaway and the Brazilian investment firm 3G Capital engineered the deal, first announced in March, and will control 51 per cent of the new Kraft Heinz Co.
The combined company will have in its stable brands that, in addition to Kraft and Heinz, Jell-O, Oscar Mayer, Velveeta and Ore-Ida.
In May Buffett said during an appearance on CNBC that Coca-Cola, Heinz and other companies will respond to a shift in the U.S. to healthier foods, but predicted that the appetite for long-time favourites made by Kraft and Heinz will not fade.
Berkshire Hathaway is the biggest shareholder in Coca-Cola.
Kraft shareholders will receive stock in the combined company and a special cash dividend of approximately $10 billion, or $16.50 per share. Each share of Kraft will be converted into one share of the new The Kraft Heinz Co.
Kraft Foods Group Inc. is based in Northfield, Illinois, and H.J. Heinz Holding Corp. is based in Pittsburgh.
The transaction will close on Thursday.
The new company will be listed under the ticker symbol “KHC” on the Nasdaq.