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Stock Market & Financial Investment News

News Breaks
February 14, 2013
13:58 EDTGIS, CPB, POST, HNZ, BRK.AFood staples makers higher after Heinz purchased by Berkshire
Consumer food staples stocks are moving higher today after H.J. Heinz (HNZ) announced it would be acquired by a consortium of Warren Buffet's Berkshire Hathaway (BRK.A) and 3G Capital for $72.50 per share, or $28B, including the assumption of Heinzís outstanding debt. The purchase price for Heinz represents a 20% premium against yesterday's closing price. During a press conference this morning following the announcement, Heinz said that it did not solicit the offer. Speaking on CNBC after the deal had been announced, Buffet said that it is possible Heinz may be involved in future acquisitions. Following the Heinz deal, General Mills (GIS) is up about $1.30, or 3%, Campbell Soup (CPB) is up about 80c, or 2.1%, and Post Holdings (POST) is up about 75c, or 2% in afternoon trading.
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