The merger of the H.J.
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That deal, announced in late March, offered Kraft Foods Kraft Foods investors a $16.50 a share cash dividend and a 49% stake in the combined Kraft Heinz. Heinz, creating one of the world’s largest food companies with annual revenue of about $28 billion. Pepsico and Nestle are bigger, based on revenues. The vote means the deal is set to be completed after markets shut later today (2 July).
Heinz’s shareholders, led by Warren Buffett’s Berkshire Hathaway and Brazilian investment firm 3G Capital, will own 51 percent of Kraft Heinz. Kraft Heinz Co. will appear on the NASDAQ Stock Market under the symbol KHC.
Kraft shares will now cease trading on the Nasdaq.
The same joint venture had acquired the H.J.
John Cahill, Kraft Foods Group chairman and CEO and future vice chairman of The Kraft Heinz Company said the announcement was a “truly historic moment” as the two companies combine a portfolio of great brands. Bernardo Hees is chief executive officer of company. Kraft foods were having sales of over $18 billion per year, they were also having established brands ranging from meats to drinks.
Kraft Heinz said it “remains committed to its hometowns”, with dual headquarters in Pittsburgh, where Heinz was based, and the Chicago area.
If Warren Buffet is going to eat too much hot dogs dipped in Heinz Ketchup, Velveeta cheese and other foods of The Kraftz Heinz Company then you must not be too much surprised.
Mr. Buffett will be on the Kraft Heinz board.
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Ahead of the deal’s closing, Kraft Heinz announced that 3G executive Bernardo Hees will become CEO of the combined company, while Heinz CFO Paulo Basilio will assume the same role with the merged company.
