Kraft shareholders give thumbs up to Heinz merger
2 July 2015 • Author(s): Victoria White
Kraft Foods Group shareholders have voted to approve the previously announced merger agreement between H. J. Heinz Company and Kraft.
In a preliminary count of the voting results, more than 98% of votes cast at the special meeting voted in favour of the transaction, representing more than 69% of all outstanding Kraft shares, clearing the way for the merger to close after market close today, 2 July 2015, subject to certain customary closing conditions.
The transaction will create The Heinz Craft Company – the third-largest food and beverage company in North America, and the fifth-largest food and beverage company in the world.
The Kraft Heinz Company has good prospects for growing in the US and internationally
“Today’s approval to create The Kraft Heinz Company will unite two powerful businesses, deliver incredible shareholder value, and provide a platform for growth both domestically and internationally,” said Alex Behring, future Chairman of The Kraft Heinz Company and Managing Partner at 3G Capital.
“This truly is a historic moment for our two companies as we combine to become a global food and beverage leader with an unparalleled portfolio of great brands,” said John T. Cahill, Kraft Foods Group Chairman and CEO and future Vice Chairman of The Kraft Heinz Company. “It has been a privilege to serve Kraft, and I look forward to continue serving The Kraft Heinz Company on its board of directors.”
The merger was announced on 25 March 2015 and received regulatory approvals in the US and Canada.
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