National News

Feb 14, 2013 2:11 PM by Associated Press

Secretary of State to see windfall from Heinz deal

WASHINGTON (AP) - Secretary of State John Kerry's financial portfolio could grow by hundreds of thousands of dollars from today's $23 billion deal between billionaire Warren Buffett and a Brazilian-owned investment firm to buy out ketchup producer H.J. Heinz Co.

Kerry will divest dozens of holdings, but 2010 financial disclosure forms show at least $3 million in Heinz stock in family trusts benefiting his wife, Teresa Heinz Kerry. She retains those assets under an agreement approved by government ethics officials.

It's not clear whether the trusts sold off Heinz stock before the deal, but the buyout could earn them as much as $1 million, according to an Associated Press analysis.

Buffett's Berkshire Hathaway and 3G Capital will pay $72.50 a share for Heinz, which closed at $60.48 on Wednesday.

»Comments

PLEASE HELP US MODERATE COMMENTS

Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at feedback@ksby.com, and include the name of the story and information on the comment.

Thank you! KSBY.com


More News

Most Popular

Top Videos

1 2 3 4