Heinz Heritage Pacts Are Empty Promises, Experts Say

Law360, New York (February 21, 2013, 5:09 PM EST) -- In their buyout of H.J. Heinz Co., 3G Capital Management LLC and Berkshire Hathaway Inc. have committed to keeping the Pittsburgh headquarters and “company heritage,” but experts say these promises are unenforceable window dressing for the $28 billion deal.

In a section of the merger agreement titled “Preservation of Company Heritage,” 3G and Berkshire promise to keep the Heinz name, its corporate home and its “philanthropic and charitable causes in Pittsburgh,” which include naming rights at Heinz Field, home of the Pittsburgh Steelers football team....
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