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H.J. Heinz

Heinz buys Kraft Foods in deal backed by Warren Buffett

Heinz buys Kraft Foods in deal backed by Warren Buffett

H.J. Heinz Co. is buying Kraft Foods Group Inc., creating a food and beverage giant in an effort to better compete amid changing consumer tastes. The move sent Kraft’s stock soaring.  The deal was engineered by Heinz's owner, the Brazilian investment firm 3G Capital, and billionaire investor Warren Buffett's Berkshire Hathaway. “The entire industry has faced headwinds,” Kraft Chief Executive John Cahill, who will become vice chairman of the new Kraft Heinz Co., said on a conference call Wednesday. “This is a transformative transaction for our industry. It allows us to move and grow faster than we could on our own.” Kraft, the maker of...

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