Heinz buys Kraft, becoming No. 3 food maker in North America

Kraft Foods Group Inc. will merge with ketchup maker H.J. Heinz Co.

The deal by the Brazilian investment firm 3G Capital, and billionaire investor Warren Buffett’s Berkshire Hathaway, will see the combined company led by Heinz Chief Executive Bernardo Hees.

The new company’s revenue will total about $28 billion–less than half that of market leader PepsiCo in 2014.

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