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Berkshire Hathaway Inc. Message Board

  • axpkocop axpkocop May 24, 2013 10:06 AM Flag

    HNZ Deal Could be complete by early June

    "H.J. Heinz Company (HNZ) (“Heinz”) today announced that it has received regulatory approval from the Chinese Ministry of Commerce for the acquisition of Heinz by an investment consortium comprised of Berkshire Hathaway and an investment fund affiliated with 3G Capital. The transaction remains subject to certain customary closing conditions, including receipt of certain remaining regulatory approvals, and is now expected to close in early- to mid-June.

    Heinz has received antitrust clearance in the United States, Brazil, India, South Korea, Japan, Israel, Mexico, South Africa and Ukraine, and other regulatory approvals in Russia, New Zealand and Ireland. The Company is waiting for antitrust clearance in the European Union and Russia"

    It appears we'll finish before the next HNZ dividend. Too bad for HNZ shareholders but good for us.

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    • "
      (Reuters) - Ketchup maker Heinz Co said on Monday it has received all regulatory approvals needed to sell itself to Warren Buffett's Berkshire Hathaway Inc and Brazilian financier Jorge Paulo Lemann's private equity firm 3G Capital.

      In February, Buffett and Lemann revealed their plan to team up to buy Heinz for $23.2 billion. The deal was approved by Heinz shareholders on April 30.

      The companies expect the deal to close on or about June 7, Heinz said in a statement."

      Deal could be done by Friday. Due to the structure of the deal it could mean an additional one billion dollars in profits per year for BRK--" 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. Berkshire is also buying $8 billion of preferred stock that pays 9 percent. The deal is expected to close in the third quarter of this year."

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