Kraft and Heinz merger to create food giant

Heinz is buying Kraft Foods to create the world's fifth-largest food and beverage company, with sales of about $28 billion.

When the deal is complete, Heinz shareholders will own 51 percent of the combined firm, while Kraft shareholders will own 49 percent, according to CNNMoney.

The combined company will be known as Kraft Heinz Co. Kraft shareholders will receive stock in the company and a special dividend of $16.50 per share funded by a $10 billion cash injection by Heinz owners 3G Capital and Warren Buffett's Berkshire Hathaway.

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