Inside Wall Street
HEINZ WOULD BE A SAUCY TARGET
To someone who makes a living picking stocks, there's nothing as sweet as bagging a few takeover targets. And that's what investment adviser Ignatius Teichberg has done over the years. Indeed, in his weekly market letter that he faxes to his clients at New York-based Brod Capital Management, he has documented some impressive takeover hits. Among the companies
Teichberg predicted would be snapped up: American Cyanamid, Gerber Products, McKesson, Continental Bank, and Pet.
Teichberg's new pick is H.J. Heinz, the major worldwide food producer that has long been rumored as a takeover target. The food giant's products include ketchup, sauces, vinegar, pickles, canned tuna, as well as meat products, corn syrup, and pet food.
Teichberg notes that the food conglomerate's stock has been strong, climbing from 32 last summer to 40 in late January. And although Heinz management has consistently declined to make any comments about the takeover speculation, Teichberg claims that one source at the company said Heinz would sell if the price was right. Teichberg figures the buyout price could be 60.
Rumors are that the most interested suitor is Unilever. A spokesperson for Unilver said the company doesn't comment on rumors or speculation. Heinz did not return phone calls.BY GENE G. MARCIAL