Warren Buffett’s Berkshire Hathaway Inc. and Jorge Paulo Lemann’s 3G Capital said Bernardo Hees will become chief executive officer of HJ Heinz Co., the ketchup maker being bought by the billionaire investors.
Pinnacle Foods Inc., the Blackstone Group LP-owned maker of Hungry-Man dinners and Duncan Hines cake mixes, jumped in New York after raising $580 million in its initial public offering, which priced at the top end of the proposed range.
The horse-meat storm that broke over Europe two months ago has been in one respect a tempest in a horseshoe, because it posed no threat to human health. That’s not a minor caveat in an industry where, in the U.S. alone, tainted food kills 3,000 people each year and sickens 48 million.
PepsiCo Inc. said it doesn’t need large-scale acquisitions after a newspaper reported billionaire investor Nelson Peltz has built stakes in PepsiCo and food maker Mondelez International Inc. and may agitate for a merger.
U.S. stocks rose, paring the second weekly drop of the year for the Standard & Poor’s 500 Index, as Nike Inc. and Tiffany & Co. beat earnings estimates and optimism grew that Cyprus will pass a plan to qualify for a bailout.