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Mr Buffett's Berkshire Hathaway company and private equity firm 3G have agreed to take over the food company, famous for its ketchup and baked beans. In a statement, Heinz called the deal "historic", and the largest to date in the food industry. Shares in Heinz soared in early trading in New York. They rose nearly 20% to more than $72 a share. The takeover has been approved by the company's board, but still needs to be voted on by shareholders. The deal will marry one of the best-known brands in the food industry with one of the US's most famous businessmen. Mr Buffett is one of the richest men in the world, having amassed a multi-billion-dollar fortune over decades of investing. His investment expertise has earned him the nickname "the sage of Omaha". The deal will offer shareholders $72.50 a share, a 20% premium on the company's previous all-time high share price. Berkshire Hathaway will contribute $12bn-$13bn in cash to the deal. Heinz has been operating in the US market since it was founded in Pittsburgh in the late 19th Century. Heinz says it sells 650 million bottles of its ketchup worldwide every year, and it is the biggest seller of baked beans in the UK. In the UK and Ireland it employs approximately 2,500 people.