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US stocks open higher buoyed by Kraft-Heinz merger

AFP

US stocks opened higher Wednesday buoyed by the proposed mega-merger of HJ Heinz and Kraft Foods, creating North America's third-largest food and beverage conglomerate.

Five minutes into trade, the Dow Jones Industrial Average was up 17.46 points (0.10 percent) at 18,028.60.

The broad-based S&P 500 added 4.44 (0.21 percent) at 2,095.94, while the tech-rich Nasdaq Composite Index rose 5.76 (0.12 percent) to 5,000.49.

Kraft surged 32.6 percent to $80.99 as Heinz's owners 3G Capital and Berkshire Hathaway agreed to pay about $10 billion in a special dividend of $16.50 per share to Kraft shareholders in the deal, representing a 27 percent premium to Kraft's closing price on Tuesday.