Tag Archives: Heinz Co

Business, Finance, Occupation & Industry

Burger King CEO Hees to Take Heinz Reins After Buyout

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By The Associated Press

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Keith Srakocic/AP

PITTSBURGH — Burger King CEO Bernardo Hees will take the top job at Heinz following its acquisition by investment firm 3G Capital and Warren Buffett’s Berkshire Hathaway Inc. (BRK.B).

Hees, 43, has been CEO at Burger King, another 3G Capital investment, since 2010. Before that, Hees was CEO of America Latina Logistica, Latin America‘s largest railroad and logistics company.

He will remain CEO at Burger King until the deal closes. Likewise, Heinz Chairman and CEO Bill Johnson will retain that job until the acquisition of the company closes.

The investors announced plans in February to buy Pittsburgh-based H.J. Heinz Co. (HNZ) in a $23.3 billion deal. Heinz shareholders are set to vote on the acquisition at a meeting April 30.

The deal is expected to close in the second or third quarter and still awaits regulatory approval in some countries and the European Union. U.S. authorities have already signed off on the deal.

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3G Managing Partner Alex Behring said in a statement that Hees’ experience in the food industry makes him the ideal leader for Heinz.

Berkshire and Brazilian investment firm 3G said they will discuss a continuing role with Heinz with Johnson.

At Miami-based Burger King Worldwide Inc. (BKW), Chief Financial Officer Daniel Schwartz will become chief operating officer and will take the CEO job on July 1.

Hees led a campaign to revamp Burger King‘s menu and marketing. The menu moves helped boost the burger chain’s profit in the fourth quarter.

But now, the world’s second-biggest hamburger chain says it needs to play up value more aggressively to compete with rivals.

On Wednesday, Burger King said it expects revenue at restaurants open at least a year fell 1.5 percent in the first quarter. The figure is considered critical because it strips out the effects of locations that opened or closed during the year.

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From: http://www.dailyfinance.com/2013/04/11/burger-king-heinz-buyout/

Business, Finance, Occupation & Industry

Media Digest (3/5/2013) Reuters, WSJ, NYT, FT, Bloomberg

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By 24/7 Wall St.

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China will lean on consumer spending to expand its economy. (Reuters)

Facebook Inc. (NASDAQ: FB) faces more lawsuits over its initial public offering. (Reuters)

The White House says it believes people should be able to unlock their cell phone for use on more than one network. (Reuters)

Pew reports that debt among young people has dropped to a multiyear low. (WSJ)

The Chinese government drops annual GDP growth goals to 7.5%. (WSJ)

Citigroup Inc.’s (NYSE: C) new CEO, Michael Corbat, is more likely to track the performance of individual senior executives. (WSJ)

Fannie Mae and Freddie Mac will combine some operations. (WSJ)

A senior General Motors Co. (NYSE: GM) executive says the company will keep its Opel operations in Europe. (WSJ)

The CEO of H.J. Heinz Co. (NYSE: HNZ) could make $200 million if he leaves the company after a buyout. (WSJ)

Theft of oil from Nigerian pipelines starts to sharply cut production. (WSJ)

Royal Dutch Shell PLC (NYSE: RDS-A) will build LNG plants in Louisiana and Canada. (WSJ)

The chief of Boeing Co. (NYSE: BA) says the return to service of the 787 will depend on how fast the FAA approves a potential fix. (WSJ)

Bond yields on Spanish and Italian debt narrow because of stability in Spain and instability in Italy. (WSJ)

Facebook creates an ad system that could take business from Google Inc. (NASDAQ: GOOG). (WSJ)

Congress accuses key J.P. Morgan Chase & Co. (NYSE: JPM) executives of roles in the bank’s $6 billion loss. (NYT)

Hess Corp. (NYSE: HES) will sell its gas stations as investors pressure it to restructure the company. (NYT)

Apple Inc.’s (NASDAQ: AAPL) shares reach a 52-week low as Google’s reach an all-time high. (FT)

Boeing defends its decision to keep the battery used in its 787 Dreamliner. (FT)

European Union finance ministers may ease budget restraints to cure the fallout from austerity. (Bloomberg)

Pearson PLC (NYSE: PSO) executives tell the Financial Times that a number of positions will be cut. (Bloomberg)

Filed under: 24/7 Wall St. Wire, Press Digest Tagged: AAPL, BA, C, FB, GM, GOOG, HES, HNZ, JPM, PSO, RDS-A

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

IWR, MPC, ETN, HNZ: Large Inflows Detected at ETF

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By ETFChannel.com

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Russell Midcap Index Fund (AMEX: IWR) where we have detected an approximate $116.4 million dollar inflow — that’s a 1.6% increase week over week in outstanding units (from 59,650,000 to 60,600,000). Among the largest underlying components of IWR, in trading today Marathon Petroleum Corp. (NYSE: MPC) is up about 0.9%, Eaton Corp plc (NYSE: ETN) is up about 1%, and H.J. Heinz Co. (NYSE: HNZ) is higher by about 0.1%. For a complete list of holdings, visit the IWR Holdings page » …read more
Source: FULL ARTICLE at Forbes Markets

Business, Finance, Occupation & Industry

Swiss authorities to aid Heinz insider-dealing probe

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Traders work at the post that trades H.J. Heinz Co. on the floor of the New York Stock Exchange

ZURICH (Reuters) – Swiss authorities said they will aid a U.S. investigation into alleged insider trading in connection with H.J. Heinz Co the day before it was announced that the company would be sold. Options markets participants noted extremely unusual activity almost immediately after Warren Buffett's Berkshire Hathaway and Brazil's 3G Capital said last Thursday that they would buy Heinz for $23 billion in cash. …

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Source: FULL ARTICLE at Yahoo Business

Business, Finance, Occupation & Industry

Goldman private wealth client holds suspect Heinz account-filing

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A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange

(Reuters) – A Goldman Sachs private wealth client is the holder of the Swiss account at the center of an investigation into insider trading in H.J. Heinz Co options, regulators said in a court filing late Wednesday. The U.S. Securities and Exchange Commission filed a lawsuit against unknown traders last week, alleging they used a Goldman account in Zurich to buy an unusual amount of Heinz options the day before the ketchup maker agreed to sell itself for $23 billion. …

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Source: FULL ARTICLE at Yahoo Business

Business, Finance, Occupation & Industry

Heinz deal a "call to action" for Campbell Soup

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A worker restocks Campbell's soup cans inside a Fresh & Easy store in Burbank

BOCA RATON, Florida (Reuters) – The planned $23 billion acquisition of H.J. Heinz Co by Berkshire Hathaway Inc and 3G Capital is leading rival Campbell Soup Co to take a closer look at its own cost structure, the soup company's chief executive told Reuters on Wednesday. 3G is run by investors who bought Burger King Worldwide Inc and helped engineer the formation of Anheuser Busch InBev . They are known for cutting costs and running very efficient businesses, and Campbell CEO Denise Morrison does not want to stand pat. …

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Source: FULL ARTICLE at Yahoo Business

Business, Finance, Occupation & Industry

FBI investigating potential insider trading in Heinz: spokesman

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Traders work at the post that trades H.J. Heinz Co. on the floor of the New York Stock Exchange

NEW YORK (Reuters) – The Federal Bureau of Investigation said on Tuesday it had opened an investigation into potential insider trading in shares of H.J. Heinz Co just before a takeover announcement last week. The announcement follows the U.S. Securities and Exchange Commission's decision to freeze assets connected to a Swiss trading account from which the alleged insider trades were made. “The FBI is aware of the trading anomalies the day before Heinz' announcement,” a spokesman said. “The FBI is consulting with the SEC to determine if a crime was committed. …

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Source: FULL ARTICLE at Yahoo Business

News, Politics, Government

SEC Sues Traders Over Heinz Insider-Trading Allegations, Freezes Swiss Bank Account

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By Jordan Maglich, Contributor

The Securities and Exchange Commission has filed a civil enforcement action against several traders suspected of booking nearly $2 million in profits from advanced knowledge of yesterday’s announcement that Warren Buffett’s Berkshire Hathaway would acquire H.J. Heinz Co. for $23.2 billion.  Forbes reported yesterday on suspicious options trading data that showed a surge in the purchase of June $65 calls that dwarfed the average trading volume.  According to Marketwatch, the SEC believes that multiple individuals were involved in the trading, and an emergency court order has been obtained freezing assets in a Zurich, Switzerland account. …read more
Source: FULL ARTICLE at Forbes Latest

News, Politics, Government

Heinz $28 Bn Acquisition Implies Faster Global Growth And Thicker Margins Ahead

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By Trefis Team, Contributor

Quick Take Heinz company’s board unanimously approved a partnered buyout by Warren Buffett’s Berkshire Hathaway and 3G Capital Deal valued at $28 billion including debt and values the company’s equity at $23.3 billion, 20% above its all time high World-class iconic brands and a strong global presence key factors driving high valuations With 3G Capital’s Burger King and Berkshire Hathaway’s Coca Cola, Heinz expands their menu with its ketchup and snacks Aggressive emerging market strategy and cost cutting measures to drive efficiencies seen ahead H. J. Heinz & Co. shot up 20% in Thursday’s trade following the announcement of a buyout deal with Berkshire Hathaway and 3G Capital. The two financiers have partnered to buy Heinz’s equity at $72.50 a piece, 19% above its all time high and 30% above its one-year average price. This is also around 25% higher than our our $57 price estimate for Heinz. To justify this premium, we believe that Heinz would need to capture greater global market share in its main condiments business and improve the profitability of the Heinz’s portfolio. …read more
Source: FULL ARTICLE at Forbes Latest

News, Politics, Government

Was Warren Buffett's Heinz Acquisition Leaked? Suspicious Options Data Points To Yes

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By Jordan Maglich, Contributor

In a surprise announcement today, billionaire Warren Buffett’s Berkshire Hathaway announced it had agreed to purchase food giant H.J. Heinz Co. for $23.2 billion, with shareholders set to receive $72.50 a share – a nearly 20% premium to Heinz’s closing price yesterday.  While those shareholders are no doubt counting their good fortune today, it appears that advance news of the announcement may have leaked yesterday afternoon judging by options market trading activity.  Indeed, historical options data shows that trading in the June $65 calls yesterday was nearly non-existent,  with only 14 contracts purchased Tuesday and not a single contract on Monday.  This trend continued into Wednesday, until 1:31:32 P.M., that is.  In a one hour span from just after 1:30 P.M. to 2:30 P.M., over 2,500 contracts were purchased for a total outlay of nearly $92,000.  In less than 18 hours, those same contracts would be worth nearly $2 million more after news of the deal broke. Suspicious Timing Options, which give the holder the right – but not obligation – to buy or sell a security at a specific price on or before a specific date, are favored by sophisticated investors as a cheaper way to bet on the direction of an asset with potentially exponential returns.  As a result, options are often the tool of choice for those who attempt to profit off access to non-public information.  In this example, the Heinz options purchased yesterday appreciated nearly 2,000% after Buffett’s purchase was announced. …read more
Source: FULL ARTICLE at Forbes Latest

News, Politics, Government

Latino Immigrants Want Salsa. Are We Giving Them Ketchup?

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By Alejandro Chafuen, Contributor My first arrival and final anchoring in the United States was through Pittsburgh. Downtown Pittsburgh has changed considerably, but at the time, in the late ’70s, the brick building and tall chimney of Heinz & Co, was always a guiding post. For most of us who lived outside the United States, Heinz was synonymous with ketchup. After mayonnaise, ketchup had been the leading condiment in the United States for decades, but during the early ’90s—due to the increase in the Latino population in the United States—sales of tomato salsa surpassed those of ketchup. Heinz still has the largest share of the ketchup market, but another company, Frito Lay, owns the brand that captures most of the salsa market: “Tostitos.” Entrepreneurs saw an opportunity and several companies entered the market. Heinz also produced its own version of salsa and even won a major award in 2005: in Germany!
Source: FULL ARTICLE at Forbes Latest