Heinz shares rocket as Warren Buffet prepares deal

<p>Shares in Heinz have rocketed as Warren Buffet prepares to buy the beans and ketchup giant.</p>

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.

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