Heinz has been acquired by a consortium including US billionaire Warren Buffett for $28bn (£18bn).

Buffett’s Berkshire Hathaway business and investment firm 3G Capital have bought the US fmcg giant - best known in the UK for its baked beans, condiments and soups - in a deal that has been unanimously approved by Heinz’s board and is expected to close in the third  quarter of this year, subject to regulatory approval.

The consortium had made the approach to Heinz, said Alex Behring, managing partner at 3G Capital. “We fully recognize Heinz’s value and heritage and look forward to working together with Heinz’s employees, suppliers and customers as we invest in and support the company’s ongoing global growth efforts.”

Buffet described the “global success” of Heinz as a testament to the power of investing in strong brand equities and the strength of their management team.

In 2011, Buffett upped his holding in Tesco by 34 million shares, taking his stake to 3.6%. A year later, he invested another £500m to increase his stake to 5.08%.