US billionaire Warren Buffett is to buy food giant Heinz in a deal worth $28bn (£18bn).
Mr Buffett's Berkshire Hathaway company and private equity firm 3G will take over the food company, famous for its ketchup and baked beans.
In a statement, Heinz called the deal "historic", and the largest to date in the food industry. Shares in Heinz jumped nearly 20% in early trade in New York to trade at about $72.51.
The takeover has been approved by the company's board, but still needs to be voted on by shareholders.
"The Heinz brand is one of the most respected brands in the global food industry and this historic transaction provides tremendous value to Heinz shareholders," said Heinz chairman, president and chief executive William Johnson.
"We look forward to partnering with Berkshire Hathaway and 3G Capital, both greatly respected investors, in what will be an exciting new chapter in the history of Heinz."
Read the full article here: http://www.bbc.co.uk/news/business-21461779
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