Posted on 03/25/2015 7:34:39 AM PDT by jimbo123
Thousands Of Layoffs Coming After Buffett Merges Heinz With Kraft, Creating 5th Largest Food Company In The World
Another day, another mega-M&A deal taking advantage of abnormally low bond rates, this time however not involving biotechs or a specialty pharma seeking to purchase a debt-free balance sheet, but one involving the Oracle of Omaha himself, and his Heinz investment, which will merge with Kraft Foods whose market cap was over $40 billion this morning on the news of the merger, and create the third largest food and beverage company in the US, and 5th largest in the world.
And while the resulting company will certainly be an unprecedented food giant, one which leaves the US food industry even more concentrated, here is the rationale behind the deal and the punchline for American workers: "significant synergy opportunities." Translation: thousands of layoffs imminent.
(Excerpt) Read more at zerohedge.com ...
Heinz + Kraft = a BIG buffet for Buffet
Nice one. I actually saw the Jim Mora rant live here in Indy back in the day, but this is a classic use!
No.
Vegemite is a Kraft brand, however.
FWIW.
Obama pins the Medal of Hypocrisy on Buffett.
If Warren Buffet is involved in it its not good for any of us.
John Heinz Craft Kerry would approve...
“Truthfully, Kraft foods have become unedible.”
Yeah, that’s what I was thinking. Kraft mostly makes plastic food substances; they’re so proud of the quality of their products they don’t list the ingredients on their websites. You have to go somewhere like amazon.com or walmart.com to find what’s in Kraft’s food-like products.
Like Kraft, Heinz refuses to list the ingredients online for their consumer products, so I’d say a merger of these two is a good match.
What anti-trust laws???
I watched this happen with the banking consolidations; it was very sad to watch. A lot of people over 50 were “retired”, and the young (cheaper) workers kept on. They simply didn’t have the knowledge & experience of the older workers, and the new megabanks couldn’t care less.
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