Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: Heinz, Kraft Foods announce expiration of Hart-Scott-Rodino Act waiting period, (Jun 9, 2015)

By Linda O’Brien, J.D., LL.M.

The waiting period under the Hart-Scott-Rodino (HSR) Act has expired with regard to the proposed merger of H.J. Heinz Company and Kraft Foods Group, Heinz announced today. The expiration of the HSR Act waiting period satisfies one of the conditions to the closing of the proposed transaction, which remains subject to approval by Kraft shareholders, antitrust clearance in Canada, and other customary closing conditions. Kraft will hold a special meeting of shareholders to vote on the merger on July 1, according to the announcement.

H.J. Heinz Company is one of the world's leading marketers and producers of healthy, convenient, and affordable foods, specializing in ketchup, sauces, meals, soups, snacks, and infant nutrition. Heinz is a global family of leading branded products, including Heinz Ketchup, sauces, soups, beans, pasta and infant foods (representing over one third of Heinz's total sales); Ore-Ida potato products; Weight Watchers Smart Ones® entrees; T.G.I. Friday's snacks; and Plasmon infant nutrition products.

Kraft Foods Group, Inc. is one of North America's largest consumer packaged food and beverage companies, with annual revenues of more than $18 billion. The company's iconic brands include Kraft, Capri Sun, JELL-O, Kool-Aid, Lunchables, Maxwell House, Oscar Mayer, Philadelphia, Planters, and Velveeta.

In March 2015, Heinz Company and Kraft Foods jointly announced that they had entered into a definitive merger agreement to create The Kraft Heinz Company, forming the third largest food and beverage company in North America. The combined company will be co-headquartered in in Pittsburgh and the Chicago area and have revenues of approximately $28 billion with eight $1 plus billion brands and five brands between $500 million-$1 billion.

Companies: H.J. Heinz Company; Kraft Foods Group

News: AcquisitionsMergers Antitrust