HEINZ-DEL MONTE DEAL CLEARS ANTI-TRUST HURDLE.(Brief Article)

Europe Agri, November, 2002

US food company Heinz said on November 20 that the deal to sell its tuna and soup businesses to Del Monte has cleared a major hurdle. It has been approved by anti-trust regulators and the sale could be closed by the end of the year or beginning of 2003, according to the company. Shares of Del Monte jumped more than 13% in the New York Stock Exchange following the news.

Heinz which is best known for its ketchup and condiments, said the timing of the transaction depends on a ruling by the Internal Revenue Service that the spinoff is tax-free to shareholders. The deal calls for the company's shareholders to receive 0.44 to 0.45 shares of Del Monte for each Heinz share held. Del Monte shareholders will vote on the transaction on December 19. Heinz reiterated that the...

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