India approves Berkshire Hathaway, 3G Capital's acquisition of Heinz
The Competition Commission of India (CCI) has approved Warren Buffett's Berkshire Hathaway and 3G Ca…The Competition Commission of India (CCI) has approved Warren Buffett's Berkshire Hathaway and 3G Capital proposed acquisition of American food company HJ Heinz.
CCI said that the transaction is not likely to have any adverse effect on competition in India.
In February, an investment consortium comprised of Berkshire Hathaway and 3G Capital has entered into an agreement to acquire American food company HJ Heinz for $28bn, including the assumption of outstanding debt.
The transaction is subject to the receipt of regulatory approvals and other customary closing conditions, and is expected to close in the third quarter of 2013.
HJ Heinz is a global company that produces and markets foods specializing in ketchup, sauces, meals, soups, snacks and infant nutrition. Its brand portfolio includes Heinz ketchup, sauces, soups, beans, pasta and infant foods, Ore-Ida potato products, Weight Watchers Smart Ones entrées, T.G.I. Friday's snacks, and Plasmon infant nutrition.
In India, Heinz operates through Heinz India, which is involved in the manufacture and sale of ketchup, chilli sauce, health and energy drink powder, prickly heat powder and edible oil under Complan, Heinz, Glucon-D, Nycil and Sampriti brands.
