Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

2/14/2013 (2 years ago)

Catholic Online (

Warren Buffet to buy Heinz Foods for $23 billion

It's being called the largest deal ever in the U.S. food industry's history. Warren Buffett's Berkshire is set to purchase 125-year-old ketchup-maker H.J. Heinz for $23 billion in a historic deal between the two business icons.

It's being called the largest deal ever in the U.S. food industry's history. Warren Buffett's Berkshire is set to purchase 125-year-old ketchup-maker H.J. Heinz for $23 billion in a historic deal between the two business icons.

It's being called the largest deal ever in the U.S. food industry's history. Warren Buffett's Berkshire is set to purchase 125-year-old ketchup-maker H.J. Heinz for $23 billion in a historic deal between the two business icons.


By Catholic Online (NEWS CONSORTIUM)

Catholic Online (

2/14/2013 (2 years ago)

Published in Business & Economics

Keywords: Heinz, Warren Buffet, Berkshire Hathaway, buyout, merger

LOS ANGELES, CA (Catholic Online) - Heinz has confirmed that it agreed to be acquired by Buffett's Berkshire Hathaway and 3G Capital Management for $72.50 a share, or $23.3 billion. The deal is valued at $28 billion, debt included. The agreement was first announced on CNBC.

Berkshire and 3G will each put up $4.4 billion in equity for the deal, along with debt financing from JPMorgan Chase and Wells Fargo. In addition, Berkshire is also buying $8 billion of preferred stock that pays nine percent.

Buffett traditionally prefers to make his acquisitions outright. The deal is seen as highly unusual for Buffett as he is partnering with 3G, a Brazilian investment firm that owns a majority stake in Burger King. The billionaire investor told CNBC that he was approached with the idea for the deal in December, and thought it was "my kind of deal.

"This is my kind of deal and my kind of partner," he added. "Heinz is our kind of company with fantastic brands." Buffett added, "But I have a file on Heinz that goes back to 1980."

3G founder Jorge Paulo Lemann approached Buffett in mid-December about a possible deal, and both approached William Johnson, Heinz's chairman, president and CEO, soon after. The first offer was made last month.

3G will be the primary supervisor Heinz's operations after the deal closes, according to Buffet. Other 3G founders include Carlos Alberto Sicupira, Marcel Hermann Telles, Roberto Thompson Motta, and Alex Behring. "We look forward to partnering with Berkshire Hathaway and 3G Capital, both greatly respected investors, in what will be an exciting new chapter in the history of Heinz," Johnson said in a statement.

Buffett also noted that the Heinz deal leaves Berkshire with enough money to bag another "elephant."



Pope Francis: end world hunger through 'Prayer and Action'

Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2015
That human trafficking, the modern form of slavery, may be eradicated.
Evangelization: That with a missionary spirit the Christian communities of Asia may announce the Gospel to those who are still awaiting it.


More Business & Economics

Overworked Wall Street employees experience seizures, are hospitalized, and have died Watch

Image of John Hughes in Thomas' bedroom (Damon Winter).


Wall Street has always been a very demanding place to work and with recent work-related deaths, it seems that Wall Street must find a way to provide work-life balance to its employees.  NEW YORK CITY, NY (Catholic Online) - Thomas Hughes was a 29-year-old ... continue reading

7 ways to bring your family out of debt Watch

Image of


There are a lot of ways the improper handling of finances can jeopardize you and your family. The cost-of-living continues to get higher yet your income doesn't. How can you make ends meet? LOS ANGELES, CA (Catholic Online) - Fear not! You can regain control of your ... continue reading

3 easy ways to save money and pay off debt Watch

Image of


Work and play, earn and spend -It's the way the economy survives, but what about your survival? If you're having trouble saving money, don't have a dedicated savings account or just don't know how to stop spending, you may have a problem. LOS ANGELES, CA (Catholic ... continue reading

Is the stock market in trouble? Historical market turndowns following papal visits Watch

Image of Papal visits versus the stock market were reviewed.


As Pope Francis visits the United States, historical data of visits from his predecessors to the United States were linked to several market downturns in the US. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - Pope Francis made his historical visit to the United ... continue reading

Construction of high-speed rail between L.A., Las Vegas approved by U.S., China Watch

Image of Signed before Chinese President Xi Jinping's state visit to the U.S., the project is a milestone in China's efforts to market its high-speed rail technology in advanced economies.

By Catholic Online (NEWS CONSORTIUM)

A joint venture to build a high-speed railway linking Las Vegas and Los Angeles has been agreed upon. The project will be the first Chinese-made bullet-train project in the U.S. LOS ANGELES, CA (Catholic Online) - XpressWest Enterprises LLC, along with a China ... continue reading

PENDING FED DECISION: U.S. may be due for the first rate hike in 10 years Watch

Image of A relative

By Catholic Online (NEWS CONSORTIUM)

The Federal Reserve may have to make a very hard decision shortly. "If the Open Market Committee takes the plunge, it will be the first US rate hike in nearly 10 years," Telegraph columnist Jeremy Warner says. LOS ANGELES, CA (Catholic Online) - It will be the ... continue reading

Bear market looms, Yale University market scholar warns Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

There is widespread concern that U.S. stocks are overvalued, which will lead to a ferocious bear market unseen since the "Dot-com" bubble burst in 2000. According to research by Yale University market scholar and Nobel economics laureate Robert Shiller, while ... continue reading

Job participation rate in U.S. at 38-year low Watch

Image of According to Bureau of Labor Statistics, the nation's civilian non-institutional population - which means that all people 16 years of age or older who were not in the military or an institution -- reached 251,096,000.

By Catholic Online (NEWS CONSORTIUM)

Americans not participating in the labor force jumped by a whopping 261,000 more in August than there was in July. The participation rate in U.S. labor remained at 62.6 percent, a 38-year low, for a third straight month in August. These are "cheerful" ... continue reading

Islamic State attempts to replace the U.S. dollar with gold coins Watch

Image of A five denar piece featuring a picture of seven wheat stalks, representing the

By Kenya Sinclair (NEWS CONSORTIUM)

The Islamic State has announced it will be producing gold currency with the goal of weakening the dollar. LOS ANGELES, CA (Catholic Online) - A video posted Saturday, August 29th by the Islamic State warns that replacing the dollar will be "the second blow to America's ... continue reading

Art collectors seek liquidity as market plummets Watch

Image of Picasso piece auctioned for a record $179.4 million.


Inquiries about art loans reportedly increased after global equities plunged. The unfortunate event led many to view their collections as assets and investment to cash-in.  MUNTINLUPA, PHILIPPINES (Catholic Online) - Bloomberg Business reports many collectors and ... continue reading

All Business & Economics News


Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

Daily Readings

Reading 1, Joel 4:12-21
12 'Let the nations rouse themselves and march to the ... Read More

Psalm, Psalms 97:1-2, 5-6, 11-12
1 Yahweh is king! Let earth rejoice, the many isles ... Read More

Gospel, Luke 11:27-28
27 It happened that as he was speaking, a woman in ... Read More

Saint of the Day

Saint of the Day for October 10th, 2015 Image

St. Francis Borgia
October 10: Francis was a young nobleman at the court of the King of Spain. ... Read More