4 Jun 2013

Heinz takeover cleared by EC

7:44 am on 4 June 2013

The European Commission has cleared the $US28 billion takeover of Heinz Foods by Berkshire Hathaway and 3G Capital of Brazil.

The commission said on Monday that the deal would have no impact on competition in the European market for cold sauces and quick-service restaurants.

Berkshire Hathaway and 3G Capital said when the deal was announced in February that it was the largest ever food company takeover.

Berkshire Hathaway chairman Warren Buffett said at the time that Heinz had "strong, sustainable growth potential based on high quality standards, continuous innovation, excellent management and great tasting products.

Heinz posted global sales of $US11.6 billion last year.