Kraft Foods Group shareholders approve Heinz merger

By Jenny Eagle contact

- Last updated on GMT

Kraft Foods Group shareholders approve Heinz merger

Related tags: Stock market

Kraft Foods Group shareholders have voted to approve the previously announced merger agreement for the creation of The Kraft Heinz Company.

In a preliminary count of the voting results, more than 98% voted in favor of the transaction, representing more than 69% of all outstanding Kraft shares, clearing the way for the merger to close after market close today (July 2).

FoodProductionDaily reported last month​ Kraft shareholders would vote on a proposed acquisition of Kraft Foods Group by H.J. Heinz following a waiting period set by the Hart-Scott-Rodino (HSR) Act.

The company which will trade as KHC will have its headquarters in Pittsburgh and the Chicago area.

The transaction will create the third-largest food and beverage company in North America, and the fifth-largest food and beverage company in the world.

"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.

John Cahill, Kraft Foods Group chairman and CEO and future vice chairman of The Kraft Heinz Company said the announcement was a ‘truly historic moment’ as the two companies combine a portfolio of great brands.

The merger was announced on March 25, 2015 and received regulatory approvals in the US and Canada. The final voting results will be disclosed in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission today.

Related topics: Processing & Packaging

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