Burger King to buy Canada's Tim Hortons for $11.5 billion
Tuesday, August 26, 2014 - 00:31
Burger King announces plans to buy Canadian coffee and doughnut chain Tim Hortons and to move its headquarters to Canada. Linda So reports.
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Burger King is signing off on a whopper-sized deal. The fast food chain announced plans to buy Canadian coffee and doughnut chain Tim Hortons for $11.5 billion. The merger would create the world's third-largest fast food restaurant group. Burger King which is currently headquartered in Miami will move its base to Canada. Investors say the move is aimed at trying to lower the company's tax bill. If it were to remain in the U.S., the company would have to pay double taxation on profits earned abroad.
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