Buffett: Heinz has strong, sustainable growth potential
Washington – Arabstoday
Warren Buffett\'s investment powerhouse Berkshire Hathaway and 3G Capital announced on Thursday that they would take over venerable US ketchup maker Heinz in a deal valuing the company
The two will pay HJ Heinz shareholders $72.50 per share in cash, a 20 percent premium on Heinz\'s Wednesday closing price.
Counting debt assumed by the buyers, the deal valued Heinz at about $28bn, they said.
\"Heinz has strong, sustainable growth potential based on high quality standards, continuous innovation, excellent management and great tasting products,\" Buffett, the chairman of Berkshire, said in a statement.
\"Their global success is a testament to the power of investing behind strong brand equities and the strength of their management team and processes.\"