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Will Buffett 'squeeze value' from Heinz?

15 February 2013 Last updated at 09:38 GMT

US billionaire Warren Buffett's Berkshire Hathaway company and private equity firm 3G have agreed to take over H.J. Heinz, famous for its ketchup and baked beans, in a deal worth £18bn.

The takeover has been approved by the company's board, but still needs to be voted on by shareholders.

In the UK and Ireland, Heinz employs approximately 2,500 people.

Adam Leyland, editor of The Grocer, told Today business presenter Simon Jack that Warren Buffett "loves business like Heinz because it is a good strong business" and he likes to "extract extra value" out of business like them.

First broadcast on BBC Radio 4's Today programme on Friday 15 February 2013.