Heinz says it has regulatory approvals for deal
Heinz says it has all necessary regulatory approvals for acquisition by 3G, Berkshire
NEW YORK (AP) -- H.J. Heinz Co. says it has received all necessary regulatory approvals for its acquisition by 3G Capital and Warren Buffett's Berkshire Hathaway.
The deal to take the ketchup maker private had been announced in February. The Pittsburgh-based company says it expects the transaction to close around Friday.
3G Capital, which is known for its aggressive cost-cutting, has already announced plans to install one of its partners as the CEO of Heinz once the deal is complete. Bernardo Hees is currently serving as CEO of Burger King, which 3G bought in 2010 and took public again last year.
In addition to ketchup, Heinz also makes baked beans, vinegar and Classico pasta sauce.
