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Kraft Heinz merger OK'd

New food giant expected to trim jobs in coming days

CHICAGO — Kraft Foods Group shareholders voted Wednesday to approve the company’s sale to H.J. Heinz, a deal that brings together two storied packaged-food companies vying for attention.

About two dozen shareholders attended a special 14-minute meeting Wednesday in Chicago, and an overwhelming majority of shares voted in favor of the merger, which closed Thursday afternoon.

Pittsburgh-based Heinz announced its plan to buy Kraft, based in the Chicago suburb of Northfield, in late March. From the start, the acquisition had the backing of Heinz owners Berkshire Hathaway and Brazilian investment firm 3G Capital and unanimous approval from the boards of both Heinz and Kraft.

Shares of Kraft rose 1.3 percent to $86.19 after the vote.

Kraft Heinz, as the company will be called, will become the third-largest food and beverage company in North America and fifth largest in the world.

The acquisition may lead to heavy job losses as Kraft and Heinz — which have each already trimmed their ranks in recent years — try to cut $1.5 billion in annual costs.

On Monday, the companies announced that many of Kraft’s top executives, including Chief Financial Officer James Kehoe, will leave the food maker soon after the deal is completed.

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