US billionaire Warren Buffett is to buy food giant Heinz in a deal worth £18bn.

Mr Buffett's Berkshire Hathaway company and private equity firm 3G will take over the food company, famous for its ketchup and baked beans. In a statement, Heinz called the deal "historic", and the largest to date in the food industry.

The takeover has received board approval, but still needs to be voted on by shareholders. (Source BBC)