Kraft Shareholders Approve Sale Of Company To Heinz
Kraft shareholders have approved the sale of the company to ketchup maker H.J. Heinz, creating one of the world's largest food companies with annual revenue of about $28 billion.
Heinz' owners, Warren Buffett's Berkshire Hathaway and the Brazilian investment firm 3G Capital engineered the deal, first announced in March, and will control 51 percent of the new Kraft Heinz Co.
Kraft shareholders will receive stock in the combined company and a special cash dividend of approximately $10 billion, or $16.50 per share. Each share of Kraft will be converted into one share of the new The Kraft Heinz Co.
Kraft Foods Group Inc. is based in Northfield, Illinois, and H.J. Heinz Holding Corp. is based in Pittsburgh.
The transaction will close on Thursday.