Heinz, Kraft join forces in Buffett-backed merger

Two names that are synonymous with American food are Heinz and Kraft. Now, they’re going to become one company in a huge deal that will rock the food industry and the economic sector for months to come. Billionaire Warren Buffett is involved as well as Brazilian investors 3G Capital.

Many of the most familiar brands that line the shelves in grocery stores will be coming together in this merger. Heinz, known for its sauces, will add their pastas, beans, soups, and potato lines to the Kraft mix. Just don’t hold your breath for ketchup-flavored macaroni and cheese.

According to the NY Times:

Heinz, which is owned by 3G Capital and Mr. Buffet’s Berkshire Hathaway, will control 51% of the combined company, while Kraft shareholders will own 49%.

Read more on NY Times.

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