Warren Buffett and 3G in $28bn offer for Heinz

City A.M. Reporter
Warren Buffett and 3G will buy iconic ketchup maker Heinz in a deal worth $28bn (£18bn).

Buffett’s investment vehicle Berkshire Hathaway and 3G will pay $72.50 per share of the iconic company – famous for its ketchup and baked beans – marking a 19 per cent premium to the stock's previous all-time high.

Heinz hailed the deal as a "historic transaction" in a statement today.

Berkshire Hathaway already has a variety of food assets, including the Dairy Queen ice cream chain, chocolatier See's Candies and the food distributor McLane.

The deal still has to be voted on by shareholders, but is expected to close in the third quarter of this year.