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Buffet to buy Heinz Ketchup

Washington - Condiment maker HJ Heinz Company announced Thursday that it had been purchased by a joint partnership between star investor Warren Buffet's Berkshire Hathaway and 3G Capital.

Under the deal, approved by the board, Heinz shareholders are to receive 72.50 dollars per share in the buyout, which would value Heinz at 28 billion dollars.

Warren Buffett. Credit: REUTERS

The proposed price per share represents a 20-per-cent premium over the company's closing price of 60.48 dollars per share on Wednesday.

“The Heinz brand is one of the most respected brands in the global food industry and this historic transaction provides tremendous value to Heinz shareholders,” said Heinz chairman, president and chief executive William R Johnson, noting the company has enjoyed strong growth and would be able to add value as a privatized company. - Sapa-dpa

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