Canada's Competition Bureau Approves Kraft, Heinz's Proposed Merger

(RTTNews) - H.J. Heinz Co and Kraft Foods Group (KRFT) on Wednesday said the Canadian Competition Bureau has approved the merger of both companies.

The deal is still subject to approval by Kraft shareholders and other customary closing conditions. Kraft will hold a special meeting of shareholders to vote on the merger on July 1.

In March, Kraft agreed to merge with Heinz which will create the fifth-largest food and beverage company in the world. The merged entity, The Kraft Heinz Co, is expected to generate sales of about $28 billion with eight $1 billion plus brands and five brands between $500 million and $1 billion.