3XSQ: Berkshire Hathaway, 3G Capital to buy Heinz for $23bln
Thursday, February 14, 2013 - 03:26
Feb 14 - Warren Buffett's Berkshire Hathaway and 3G Capital will buy H.J. Heinz for $72.50 a share, or $23.2 billion in cash but totaling $28 billion including debt.
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The three Times Square this Thursday from let it -- headquarters in New York to start with a pair of mergers including one that wasn't expected. It features our power player of the day getting back in the buyout game. Berkshire hasn't -- -- -- Warren Buffett -- big deal to put him in the red. But that teaming up with private equity firm three G partners to buy in for about 23 billion dollars. But -- as Berkshire will contribute between twelve and thirteen billion to the offer which -- calls the largest deal ever in the food industry. Buffett telling CNBC this is quote my kind of deal he also said he still ample cash to make another purchase. The other merger today taking flight is American Airlines and US Airways the two combined to create an eleven billion dollar carriers that will become the world's largest. It will take the American Airlines -- name and be based in Dallas Fort Worth. But US Airways CEO Doug Parker will run the operation. General Motors grounded the auto maker posted weaker than expected quarterly profit higher losses in Europe and lower vehicle prices in North America contribute to the shortfall. Executives say there are not an improvement in Europe later this year. Weakness in Europe also a problem for Cisco Systems. CEO John Chambers says conditions are improving in northern countries like Germany while there remain extremely challenging in the south of the continent. Your accounts for about a quarter of Cisco's business the -- complaint did post a profit that beat forecasts. A new coach coming to a fashion company CEO -- Frankfurt stepping down in January and coach next year. He will be replaced by the executive who oversaw its expansion in Asia. -- return the company from a player into a global powerhouse with sales -- five billion in the most recent fiscal year. The announcement comes two days after competitor Michael course and -- another strong quarter its stock has soared over the past year while congress has struggled. People any people that the folks at magazine company merited. A source telling Reuters that Time Warner is in talks to sell a chunk of its magazine division to americorps. Which could potentially include the -- iconic People Magazine. One scenario being discuss Meredith would acquire all the time in title outside of the news and sports like time Sports Illustrated. These will include in style and real simple which blend well with Meredith. Female focus titles such as ladies' home journal and circle. And finally are really sticks with you. There have been many parkinson's Steve Jobs out John-Michael Jackson over the years but it's unlikely they'd been done by this -- chewing gum. Ukrainian artist I don't Sophia. They -- -- laughter comes for these creations -- -- to out to canvass for her art. Often it's a divided by color or up in a microwave before using -- our. Join in the fun. Journalists ask about knows the selling price well we're not sure about that either but hopefully it's enough to cover dental bills. That is the latest on this Thursday you can follow us on Twitter at it's inside and get -- -- idiots. At Reuters dot com slash C I'm Lisa Bernhard -- is it.
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