Heinz and Kraft agree to merge into single food giant

Early Wednesday, Kraft Foods Group Inc. and ketchup giant H.J. Heinz agreed to merge, in a deal backed by Brazilian private-equity firm 3G Capital, which owns Heinz, and Warren Buffett's Berkshire Hathaway. The new company will be called Kraft Heinz Co., and Heinz stakeholders will own 51 percent of the company. Kraft shareholders will get a cash dividend of $16.50 per share, plus stock in the new company. Kraft Heinz will be the No. 3 food and beverage company in North America, and the fifth-largest in the world, with revenue of $28 billion a year.

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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.