From Mr Jim Sanders.
Sir, Missing from the FT’s coverage of Warren Buffett’s plans to buy out Heinz, so as to take it private, is any consideration of the impact of the proposed deal on the little guy. With Heinz as a publicly traded company, small investors have been able to purchase shares at affordable prices. A hallmark of Heinz’s management for years has been that when the price neared the $60 range, they would implement a stock split, in order to ensure that small investors would be able to buy it.
Mr Buffett’s takeover will remove Heinz from the public domain and deprive ordinary Americans who either have accumulated shares, or would like to do so, of a steady stream of income from dividends far into the future. How is this good for society? And, why is the FT ignoring this side of the issue? Mr Buffett has been made into a symbol of anti-fat-cat culture, when in reality he is not the Wall Street outsider he is thought to be. His interests do not necessarily coincide with those of the public at large.
Jim Sanders, Burke, VA, US
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