Heinz has confirmed it has agreed a merger with Kraft in a deal that would create the world's fifth largest food and drinks company worth approximately $80bn (£54bn).
A statement confirmed the new firm would be called Kraft Heinz and, subject to Kraft shareholder approval, current Heinz investors would hold 51% of the stock.
Kraft shareholders will own 49% of shares in the combined company and net a special cash dividend of $16.50 per share.
Heinz said the aggregate special dividend payment of approximately $10bn was being fully funded by an equity contribution by billionaire investor Warren Buffett's Berkshire Hathaway and 3G Capital.
Berkshire and 3G, which owns Burger King, came together in 2013 to buy Heinz.
It is understood they brokered the deal with Kraft, a company which caused controversy in the UK in 2010 when it bought the UK chocolate maker Cadbury and shifted work overseas.
Kraft later spun Cadbury off.
The merger statement said it offered "significant synergy potential", including an estimated $1.5bn in annual cost savings to be implemented by the end of 2017.
It added synergies would come from the increased scale of the new organisation, the sharing of best practices and cost reductions.
The news release did not mention the possibility of job losses.
The combined company would be run by Bernardo Hees, currently the chief executive of Heinz.
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