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A new era for two of the most iconic names in the food industry – H.J. Heinz Co. and Kraft Foods Group – has officially commenced in the form of a new entity, The Kraft Heinz Co. Aproved by a near-unanimous vote of 98 percent of Kraft Foods Group's shareholders at a special meeting, the previously announced merger is now final and represents more than 69 percent of all outstanding Kraft shares.
As Progressive Grocer previously reported, the transaction, which will become effective after market close on July 2, will create the third-largest food and beverage company in North America, and the fifth-largest food and beverage company in the world.
"Today's approval to create The Kraft Heinz Co. will unite two powerful businesses, deliver incredible shareholder value, and provide a platform for growth both domestically and internationally," said Alex Behring, incoming chairman of the new global CPG giant and managing partner at 3G Capital.
"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," added John T. Cahill, Kraft Foods Group chairman and CEO, and incoming vice chairman of the Pittsburgh and Northfield, Ill.-based organization. "It has been a privilege to serve Kraft, and I look forward to continue serving The Kraft Heinz Co. on its board of directors."
In related news, the company revealed its new leadership team earlier this week.