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Heinz to merge with Kraft Foods

Heinz is set to buy Kraft Foods Group, creating what the companies say will be the third-largest food company in North America.

The deal was engineered by Heinz's owner, the Brazilian investment firm 3G Capital, and billionaire investor Warren Buffett's Berkshire Hathaway.

Current Heinz shareholders will own 51% of the combined company. Credit: REUTERS/Phil Noble

Kraft shareholders will receive stock in the combined company and a special cash dividend of approximately $10 billion dollars (£6.7 billion), or $16.50 per share (£11).

Current Heinz shareholders will own 51% of the combined company, with Kraft shareholders owning a 49% stake.

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