You can now read 5 articles in a month for free on Read as much as you want anywhere and anytime for just 99¢.

Red Sox Live



▼  7th Inning 2 outs

Heinz shareholders OK acquisition

Heinz’s global product offerings include baked beans, as well as ketchup.

Oli Scarff/Getty Images

Heinz’s global product offerings include baked beans, as well as ketchup.

NEW YORK — 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.

Continue reading below

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. In addition to condiments, H.J. Heinz Co. also makes baked beans, vinegar, and Classico pasta sauce, as well as a variety of products overseas.

The $23 billion deal, which is the biggest ever in the food industry, is still subject to regulatory approvals. But big changes are already underway.

Earlier this month, Heinz said that Bernardo Hees, a 3G partner and Burger King’s chief executive, would take over the top job once the acquisition is complete.

Hees was installed as Burger King’s CEO after 3G bought the fast-food chain in late 2010. Since then, he has reduced positions at the corporate headquarters in Miami and sold back more restaurants to franchisees to reduce overhead costs.

Hees will take over for William Johnson, who has been CEO for the past 15 years. Johnson’s contract entitles him to walk away with a total of $212.7 million. That includes $99.7 million in vested stock and $57 million in deferred compensation benefits.

Heinz said it expects the deal to close in the second or third quarter.

The company’s stock fell 3 cents to $72.42.

Loading comments...
Want each day's news headlines delivered fresh to your
inbox every morning? Just connect with us
in one of the following ways:
Please enter a valid email will never post anything without asking.
Privacy Policy
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of