06/17/2015 03:32 EDT | Updated 06/17/2016 05:59 EDT

Heinz-Kraft Merger Gets OK From Canada's Competition Bureau

FILE - This Wednesday, March 2, 2011, file photo, shows containers of Heinz ketchup on the shelf of a market, in Barre, Vt. H.J. Heinz Co. is buying Kraft Foods Group Inc., creating what the companies say will be the third-largest food and beverage company in North America, the companies announced Wednesday, March 25, 2015. (AP Photo/Toby Talbot, File)

OTTAWA - The Competition Bureau has given its OK to the proposed merger of H.J. Heinz Co. and Kraft Foods Group.

The bureau says that due to the differentiation between the brands, remaining competition and low barriers to entry, the merger is unlikely to result in a substantial lessening or prevention of competition.

The regulator noted the overlap between Heinz and Kraft in Canada is limited to the production and supply of condiments, sauces and dressings.

Heinz announced its plan to buy Kraft and create one of the world's largest food and beverage companies in March.

The combination, to be called Kraft Heinz Co., was engineered by Warren Buffett's Berkshire Hathaway and Brazilian investment firm 3G Capital.

Current Heinz shareholders will own 51 per cent of the combined company, with Kraft shareholders owning a 49 per cent stake.

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