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Heinz approves acquisition

on May 01, 2013 10:30 AM

NEW YORK (AP) — Heinz is one step closer to going private.

The Pittsburgh-based ketchup maker said Tuesday that shareholders overwhelmingly approved its acquisition by Warren Buffett’s Berkshire Hathaway and 3G Capital, the investment firm that also owns Burger King.

The firms have said that Berkshire is acting as a financing partner while 3G, which is known for its aggressive cost-cutting, will run the company.

The deal is still subject to regulatory approval but big changes are already under way.

Earlier this month, H.J. Heinz Co. announced that Bernando Hees, a 3G partner and Burger King’s CEO, would take over the top spot once the acquisition is complete.

Hees will take over for William Johnson, who has been CEO for the past 15 years.

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