Shares in Heinz have rocketed on the New York Stock Exchange this afternoon (February 14th), on news US billionaire Warren Buffet is set to buy the iconic food brand.
The deal – which would see Mr Buffet's Berkshire Hathaway company and private equity firm 3G take over the household name – is said to be worth $28 billion (£18 billion).
In a statement, Heinz called the acquisition "historic" and the largest of its kind to be made in food history.
The deal has been approved by the company's board, but it still needs to be voted on by shareholders.
"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," the beans and ketchup manufacturer said.
At 16:44 GMT today, Heinz shares soared by 20 per cent on Wall Street to $72.50 per unit.
Learn about the markets and CFD trading at City Index.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.