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S.E.C. Looks at Trades a Day Before Heinz Deal
Regulators are scrutinizing unusual trading surrounding the planned $23 billion takeover of the food company H. J. Heinz, raising questions about potential illegal activity in one of the biggest deals in recent memory, a person briefed on the matter said.
The Securities and Exchange Commission opened the insider trading inquiry on Thursday as Berkshire Hathaway and the investment firm 3G Capital agreed to pay $72.50 a share for Heinz, this person said. Regulators first noticed a suspicious spike in trading on Wednesday.
Keep reading: S.E.C. Looks at Trades a Day Before Heinz Deal – NYTimes.com.
Berkshire and 3G Capital in a $23 Billion Deal for Heinz
Just days ago, the fate of a 144-year-old American icon was being hashed out in a Pittsburgh conference room as executives spoke by phone to representatives of two global billionaires who went by the code names “Owl” and “Goose.”
Owl was Warren E. Buffett, chief executive of Berkshire Hathaway and one of the most admired investors in the world. Goose was Jorge Paulo Lemann, who became one of Brazil’s wealthiest financiers with 3G Capital. What emerged from the talks was a $23 billion takeover of H. J. Heinz, the maker of Heinz ketchup.
