Heinz-Del Monte Deal to Be Tax-Free
H.J. Heinz Co. said a plan to spin off brands such as StarKist Tuna and 9-Lives cat food to Del Monte Foods will be tax-free to the companies and their shareholders and ready for the shareholders’ vote Dec. 19.
The Internal Revenue Service’s decision capped a regulatory review that was the final hurdle for the companies to complete the estimated $2.5-billion deal, which includes transferring $1.1 billion in debt to Del Monte.
Heinz shares fell 13 cents to $34.50, and Del Monte rose 5 cents to $8.93; both trade on the NYSE.
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