KRAFT Foods Group Inc. (NASDAQ: KRFT) shareholders have recently approved the merger agreement to create The Kraft Heinz Company. More than 98% of the shareholders voted in favor of the transaction during the preliminary voting. This represented over 69% of all outstanding Kraft shares and paved the way to seal the merger after the 2 July 2015 market closing subject to certain customary closing conditions. The results of the final voting will be disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission.
The merger, which was announced on 25 March this year, received regulatory approvals in the United States and Canada. It will result in the establishment of the third-largest food and beverage company in North America and the fifth-largest in the world.
Alex Behring, future Chairman of The Kraft Heinz Company and managing partner at 3G Capital, said: “Today's approval to create The Kraft Heinz Company will unite two powerful businesses, deliver incredible shareholder value, and provide a platform for growth both domestically and internationally."
According to John T. Cahill, Kraft Foods Group chairman and CEO and future vice chairman of The Kraft Heinz Company, "This truly is a historic moment for our two companies as we combine to become a global food and beverage leader with an unparalleled portfolio of great brands. It has been a privilege to serve Kraft, and I look forward to continue serving The Kraft Heinz Company on its board of directors."
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