Heinz is set to be bought up by a consortium of Mr Buffett's Berkshire Hathaway company and private equity firm 3G, in a deal worth $28 billion.

The planned takeover saw a New York share rise increase of 20 percent, while Berkshire Hathaway closed at a new record record high.

Having been approved by both boards, the approval of shareholders will be the next step in securing one of the world biggest deals in the food industry.

Heinz chairman, president and chief executive William Johnson, said: “We look forward to partnering with Berkshire Hathaway and 3G Capital, both greatly respected investors, in what will be an exciting new chapter in the history of Heinz."