Kraft Shareholders Will Vote July 1 on Heinz Merger

Shareholders of Kraft Foods will vote July 1 on whether to sell their company to ketchup maker H.J. Heinz Co. The deal announced in March will create one of the world's largest food companies with revenue of about $28 billion.

Mnet 144459 Heinz Kraft Merger Pic 0

OMAHA, Neb. (AP) — Shareholders of Kraft Foods will vote July 1 on whether to sell their company to ketchup maker H.J. Heinz Co.

The deal announced in March will create one of the world's largest food companies with revenue of about $28 billion.

Heinz' owners, Warren Buffett's Berkshire Hathaway and Brazilian investment firm 3G Capital, engineered the deal and will control 51 percent of the new Kraft Heinz Company.

If the deal is approved, Kraft shareholders will receive stock in the combined company and a special cash dividend of approximately $10 billion, or $16.50 per share. Each share of Kraft will be converted into one share of Kraft Heinz.

After the merger, the new company will be listed as "KHC" on the Nasdaq stock market.

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