Buffett cleared to buy Heinz

AAP

The European Commission has cleared the $US28 billion ($A29.3 billion) takeover of iconic US food company Heinz by billionaire Warren Buffett's investment powerhouse Berkshire Hathaway and Brazilian-led 3G Capital.

The commission said on Monday that an investigation had found the deal would have no impact on competition in the European market for cold sauces and quick-service restaurants.

"The proposed acquisition would not raise competition concerns, given the presence of credible competitors," it said in a statement.

Berkshire Hathaway and 3G Capital said when the deal was announced in February that it was the largest ever food company takeover.

Mr Buffett, founder and chairman of Berkshire Hathaway, said at the time that Heinz had "strong, sustainable growth potential based on high quality standards, continuous innovation, excellent management and great tasting products.

"Their global success is a testament to the power of investing behind strong brand equities and the strength of their management team and processes."

Heinz posted global sales of $11.6 billion last year, led by its iconic ketchup brand and one of its original products, canned baked beans.