China
approves Warren Buffet's takeover of Heinz
China's
Ministry of Commerce has issued regulatory approval for the acquisition of US
ketchup giant HJ Heinz Co by an investment consortium headed by Warren Buffet's
Berkshire Hathaway, Heinz announced. The acquisition, valued at US $28 Billion,
has already received antitrust clearance in the US, Brazil, India, South Korea
and other countries, except for the EU and Russia, where clearance is still
pending. The merger agreement between the parties was first announced on
February 14 and was overwhelmingly approved by Heinz shareholders on April 30.
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