H.J. Heinz, world famous ketchup maker, has received all of the regulatory approvals that are necessary in order for the $28 billion acquisition by 3G Capital – an investment fund – and mega-conglomerate Berkshire Hathaway. They plan to close this deal officially on June 7, Heinz announced.
Chinese authorities gave the nod a little bit over a week ago, but they were still waiting for Russia and the European Union to give antitrust approval in order for the transaction to be completed. Shareholders approved the deal already.
There’s a lot involved when getting everybody on board in a deal of this magnitude within a global economy. The company already received antitrust clearance from the Ukraine, India, Brazil, Israel, the US, South Korea, South Africa, Japan and Mexico. Regulatory approvals and other areas were also agreed upon by Ireland, New Zealand and Russia, but antitrust issues still need to be Okayed.
The transaction for this blockbuster deal was first announced on Valentine’s Day of 2013. The Heinz shareholders approved the deal on April 30. Both parties expect that this transaction is going to close by the end of the week, but it is subject to the satisfaction of “customary closing conditions.” The Heinz Company has products such as soups, sauces, infant foods, Ore-Ida potato products, TGI Friday’s snacks, Weight Watchers Smart Ones entrées, beans, pasta and their world-famous ketchup.