Firms including Warren Buffett's to buy Heinz

New York, Feb 14 (AP) H J Heinz Co says it agreed to be acquired by an investment consortium including billionaire investor Warren Buffett in a deal valued at USD 28 billion. The ketchup company says Heinz shareholders will receive USD 72.50 in cash for each share of common stock they own. The deal value includes the assumption of Heinz's debt. Based on Heinz's number of shares outstanding, the deal is worth USD 23.3 billion excluding debt. "It's our kind of company," Buffett said in an interview on CNBC, noting its signature ketchup has been around for more than a century. "I've sampled it many times." Berkshire Hathaway and 3G Capital, the investment firm which also bought Burger King in 2010, say Heinz will remain headquartered in Pittsburgh. Given the saturated North American market, Heinz has increasingly looked to emerging markets for growth. In its last quarter, the company said emerging markets made up 23 per cent of sales. The per-share price for the deal represents a 20 per cent premium to Heinz's closing price of USD 60.48 yesterday. Buffett said Berkshire will still have room to make more acquisitions, noting that the firm's businesses continually replenish its cash supply. "Anytime we see a deal is attractive and it's our kind of business and we've got the money, I'm ready to go," Buffet said. (AP) KAS 02142002 NNNN