12°c Overcast
17°c Mainly cloudy
Winnipeg Free Press - PRINT EDITION
'Unusual trading' studied in $23-B sale of H.J. Heinz
(CP)
NEW YORK -- U.S. regulators have opened an insider-trading inquiry on the $23-billion acquisition of H.J. Heinz, according to a published report.
Citing an unnamed source who was briefed on the matter, the New York Times reported Friday the Securities and Exchange Commission is looking at "unusual trading" surrounding the deal for Heinz to be purchased by Warren Buffett's Berkshire Hathaway and 3G Capital, an investment firm that also recently bought Burger King. The report said regulators first noticed a suspicious spike in trading on Wednesday.
A spokeswoman for the SEC, Christina D'Amico, said the agency does not confirm or deny the existence of investigations. Representatives for Berkshire Hathaway and the public relations agency representing 3G and Berkshire in the deal did not immediately return messages for comment. A spokesman for Heinz said the company hadn't been contacted by the SEC and therefore did not have any comment.
In announcing the deal, Heinz said the company planned to remain in Pittsburgh and that the move would help it continue its transformation into a global business more quickly. In addition to ketchup, the company makes Classico pasta sauces and Ore-Ida potatoes.
The New York Times report noted options trading in Heinz soared this week before the deal was announced Thursday morning.
Call options let investors place a bet on a stock without committing to buy the shares. Investors instead have the option to buy the shares later for a set price.
-- The Associated Press
Republished from the Winnipeg Free Press print edition February 16, 2013 B9
More Business
- Back to Top
- Return to Business
More Business
(1 of 9 articles for today)
New RBC policy restricts outsourcing
1:00 AM 0TORONTO -- The Royal Bank, which faced a fierce backlash earlier this year over an outsourcing arrangement involving the use ...
Poll
Most Popular Business
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Value Partners cracks $1-B mark in assets
- Changes to CPP rules worth looking into
- New owner for lumber stores
- Canada threatens 'retaliatory measures' over new US meat labeling regulations
- Even a nine-year-old grills McDonald's CEO over menu
- Manitoba housing affordability deteriorates
- Wealth survey indicates average person has $6.6K
- Canada gets tablet
- Creative industries can fuel a city's economic engine
- New owner for lumber stores
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- 2 men arrested in killing of Las Vegas teen who refused to give up his iPad
- New downtown tower could be 42 storeys tall: developers
- Creative industries can fuel a city's economic engine
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Value Partners cracks $1-B mark in assets
- Skyline-altering project will happen: developer
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Bridging the gap
- Target opens its first Manitoba stores Tuesday
- New structure to be king of downtown?
- Transcona transformation
- Target opens Manitoba stores
- New owner for lumber stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- City to get a touch of glass
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Canad Inns property has personal meaning for owner
- Holiday pump jump debated
- Value Partners cracks $1-B mark in assets
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Changes to CPP rules worth looking into
- She's got entrepreneurial spirit
- Manitoba farm land values increased by an average of 4.3 per cent in 2011
- New owner for lumber stores
- Valeant shares soar amid report drug firm near $9B deal to buy Bausch and Lomb
- Thorough record-keeping key to power of attorney
- Motor Coach laying off 190 workers
- Will, power of attorney are different documents
- New owner for lumber stores
- Value Partners cracks $1-B mark in assets
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Ex-'Pegger seeks to grow local businesses
- Changes to CPP rules worth looking into
- Bridging the gap
- Developers to unveil plans for bold downtown tower
- Skyline-altering project will happen: developer
- There are lots of I's in 'team'
- More than a new boss
- New owner for lumber stores
- Transcona transformation
- New structure to be king of downtown?
- CEO, execs terminated at TCIG
- Target opens its first Manitoba stores Tuesday
- Canad Inns property has personal meaning for owner
- Winnipeg's got the REIT stuff
- Older and jobless? Resource on hand
- Value Partners cracks $1-B mark in assets
- Local boy leads Great-West
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.