Warren Buffett has invested in ketchup. With relish.
The American billionaire has bought H.J. Heinz Co. for $23.3 billion in the richest deal ever in the food industry.
According to Huffington Post the deal is intended to help Heinz accelerate its expansion from a dominant American name into a presence on grocery shelves worldwide.
The Pittsburgh-based company also makes baked beans, pickles, vinegar, Classico pasta sauces and Ore-Ida potatoes, as well as a growing stable of sauces suited to regional tastes around the world.
Buffett’s investment firm, Berkshire Hathaway, is teaming with another firm, 3G Capital, to snap up Heinz, which had long been a subject of takeover speculation. New York-based 3G is best known for its acquisition of Burger King and its role in the deal that created Anheuser-Busch InBev, the world’s biggest beer maker.
Heinz shares soaring
The deal, expected to close in the third quarter, sent shares of Heinz soaring. The company’s stock price was up nearly 20 percent, closing at $72.50 Thursday on the New York Stock Exchange.
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