Merger Rumors Boost Heinz, Bestfoods Stock

H.J. Heinz Co. refused comment and Bestfoods denied rumors that the two companies were in merger talks, but investors bid up their shares on the prospect of a takeover boosting the value of the food companies’ stocks. Englewood Cliffs, N.J.-based Bestfoods issued a statement saying “no significant acquisition or combination discussions are in progress” after a Wall Street Journal report that the two companies had discussed a merger. Pittsburgh-based Heinz, best-known for its catsup, refused to confirm or deny the report. Shares of Bestfoods jumped $4.19, or 8.5%, to $53.13, and Heinz rose $1.44, or 3.3%, to close at $44.63, both on the NYSE.