Former Bell official says he voted for pay raise out of fear

One of the former Bell city leaders accused of plundering the town's treasury by taking oversized salaries testified Thursday that the fat paychecks and other extraordinary benefits that came with the job were all but forced on him.

George Cole, a former steelworker, returned to the witness stand for a second day and testified that he voted for a 12% annual pay raise for a City Council board in 2008 only because he feared retribution from then-City Manager Robert Rizzo.

"He had shown himself to be very vindictive if you crossed him at that time," Cole said. "I was worried that if I didn't vote for this, if I voted against it, he would do whatever he could to destroy the work that was important to me and the community. I knew that was his character."

Cole said it was the most difficult decision he ever made while on the council but was in the best interest of Bell — a city, he said, where he had devoted decades to advocating for new schools and programs for at-risk youths and senior citizens.

Cole, along with Luis Artiga, Victor Bello, Oscar Hernandez, Teresa Jacobo and George Mirabal, is accused of drawing an inflated salary from boards and authorities that rarely met and did little work.

The pay increases for the authorities were placed on the consent calendar — a place for routine and non-controversial items that are voted on without discussion. Cole defended the practice and said the agendas, minutes and staff reports were always available to the public at City Hall and at the library.

"I never tried to hide what we were doing," Cole said.

He also testified that the minutes did not reflect work done for those authorities.

Cole justified his vote for previous City Council pay raises to allow for a more diverse pool of council candidates who could use the money. And when he voted for a council salary increase in 2005, Cole noted that Bell was in a "very strong financial position."

The 63-year-old also told jurors that when he discovered $15,500 had been deposited into a 401(k)-style account for him, he complained. Cole said Rizzo refused to remove the money.

Initially, Cole said, Rizzo was a first-rate city administrator, making improvements such as repairing and keeping streets clean and erecting a protective fence around the city's largest park.

"From the time he started, he was able to accomplish things other managers previous to him said couldn't be done or were unable to do," Cole said.

Cole said the two would sometimes meet for breakfast to discuss city matters. "It was business," he said. "It wasn't two chums getting together."

But when Cole decided to give up his salary during his last year in office, he said it fractured his relationship with Rizzo. When he learned about Rizzo's near-$800,000 salary from a story published in The Times in 2010, he said he felt sick.

"I just felt like the dumbest person in the world that this guy had just pulled one of the biggest cons I've ever seen on, not just me, but on the city of Bell," Cole testified.

Rizzo faces 69 felony corruption charges. He and his former assistant, Angela Spaccia, are expected to go on trial later this year.

Cole's top annual salary was $67,000, his attorney said. At the time, he was earning nearly $95,000 a year as chief executive of the Steelworkers Old Timers Foundation.

In 2004, the city paid the state pension system $36,648 to buy Cole an additional five years of service time. Cole was one of 11 Bell administrators for whom the city bought service time.

CalPERS — the state's largest public pension program — has disallowed the service time the city bought, saying the buy-ins were not council-approved and that a municipality cannot pay for them.

Cole also was among the 40 or so Bell employees who were scheduled to receive additional payments through Bell's own supplemental retirement plan, established in 2003. In combination with the CalPERS pension, the payout was among the best retirement plans for non-safety employees in the state. The council never approved the plan.

jeff.gottlieb@latimes.com

corina.knoll@latimes.com

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AMC Aims to Repeat <em>Walking Dead</em> Success With New <em>Terror</em> Series

And the first cable network looking to capitalize on the massive mainstream success of The Walking Dead TV show is … Walking Dead network AMC. After proving that modern horror can draw audiences to rival — and, in some cases, beat — the big broadcast networks with the adaptation of Robert Kirkman and Charlie Adlard’s long-running zombie comic, the network is developing a second horror drama based on Dan Simmons’ aptly named 2007 novel The Terror.

The Terror offers a fictionalized version of the real-life “lost expedition” of British Royal Navy officer Captain Sir John Franklin in 1845, in which two vessels, the HMS Erebus and the HMS Terror, became trapped in ice in the Canadian Arctic, leading to the eventual deaths of both ships’ crews. While the true story of what happened to the expedition is both mysterious and grisly, Simmons’ take on it is far more ready-for-television, featuring a mythological beast hunting the crews and continually fracturing alliances and relationships between the human survivors.

Much as it did with The Walking Dead, which was originally the product of producer Gail Anne Hurd (Alien, Terminator) and writer/director Frank Darabont (The Shawshank Redemption),  AMC is relying on well-regarded genre veterans to usher the show into reality. Blade Runner and Prometheus director Ridley Scott will be executive producer for the series, while his production company, Scott Free, pairs with Television 360 (Game of Thrones) to bring the show to screen. A pilot script is currently being written by David Kajganich, a screenwriter whose previous credits include 2007′s Invasion of the Body Snatchers remake, The Invasion.

Considering the record-breaking success The Walking Dead has had, the real surprise isn’t that AMC wants to try and repeat its successful formula with a new series; it’s that other cable networks aren’t doing exactly the same thing already.

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Work starts on Seaside Heights, NJ, boardwalk

SEASIDE HEIGHTS, N.J. (AP) — The sounds shaking the ground in Seaside Heights aren’t from nightclubs.

The town featured in the MTV reality show “Jersey Shore” has started rebuilding the boardwalk that was destroyed by Superstorm Sandy.

Heavy equipment began drilling holes in the sand and pounding pilings into the ground Friday. It’s the first phase of a project that could ultimately cost $ 6 million to $ 7 million.

Mayor Bill Akers says the mile-long walkway should be done by May 10, but amenities like railings, lighting and ramps will come after that.

Many residents turned out to see the start of the work. They expressed hope that the place where they vacationed as children and came to settle down will recapture what made it so special to them.

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Doctor and Patient: Afraid to Speak Up to Medical Power

The slender, weather-beaten, elderly Polish immigrant had been diagnosed with lung cancer nearly a year earlier and was receiving chemotherapy as part of a clinical trial. I was a surgical consultant, called in to help control the fluid that kept accumulating in his lungs.

During one visit, he motioned for me to come closer. His voice was hoarse from a tumor that spread, and the constant hissing from his humidified oxygen mask meant I had to press my face nearly against his to understand his words.

“This is getting harder, doctor,” he rasped. “I’m not sure I’m up to anymore chemo.”

I was not the only doctor that he confided to. But what I quickly learned was that none of us was eager to broach the topic of stopping treatment with his primary cancer doctor.

That doctor was a rising superstar in the world of oncology, a brilliant physician-researcher who had helped discover treatments for other cancers and who had been recruited to lead our hospital’s then lackluster cancer center. Within a few months of the doctor’s arrival, the once sleepy department began offering a dazzling array of experimental drugs. Calls came in from outside doctors eager to send their patients in for treatment, and every patient who was seen was promptly enrolled in one of more than a dozen well-documented treatment protocols.

But now, no doctors felt comfortable suggesting anything but the most cutting-edge, aggressive treatments.

Even the No. 2 doctor in the cancer center, Robin to the chief’s cancer-battling Batman, was momentarily taken aback when I suggested we reconsider the patient’s chemotherapy plan. “I don’t want to tell him,” he said, eyes widening. He reeled off his chief’s vast accomplishments. “I mean, who am I to tell him what to do?”

We stood for a moment in silence before he pointed his index finger at me. “You tell him,” he said with a smile. “You tell him to consider stopping treatment.”

Memories of this conversation came flooding back last week when I read an essay on the problems posed by hierarchies within the medical profession.

For several decades, medical educators and sociologists have documented the existence of hierarchies and an intense awareness of rank among doctors. The bulk of studies have focused on medical education, a process often likened to military and religious training, with elder patriarchs imposing the hair shirt of shame on acolytes unable to incorporate a profession’s accepted values and behaviors. Aspiring doctors quickly learn whose opinions, experiences and voices count, and it is rarely their own. Ask a group of interns who’ve been on the wards for but a week, and they will quickly raise their hands up to the level of their heads to indicate their teachers’ status and importance, then lower them toward their feet to demonstrate their own.

It turns out that this keen awareness of ranking is not limited to students and interns. Other research has shown that fully trained physicians are acutely aware of a tacit professional hierarchy based on specialties, like primary care versus neurosurgery, or even on diseases different specialists might treat, like hemorrhoids and constipation versus heart attacks and certain cancers.

But while such professional preoccupation with privilege can make for interesting sociological fodder, the real issue, warns the author of a courageous essay published recently in The New England Journal of Medicine, is that such an overly developed sense of hierarchy comes at an unacceptable price: good patient care.

Dr. Ranjana Srivastava, a medical oncologist at the Monash Medical Centre in Melbourne, Australia, recalls a patient she helped to care for who died after an operation. Before the surgery, Dr. Srivastava had been hesitant to voice her concerns, assuming that the patient’s surgeon must be “unequivocally right, unassailable, or simply not worth antagonizing.” When she confesses her earlier uncertainty to the surgeon after the patient’s death, Dr. Srivastava learns that the surgeon had been just as loath to question her expertise and had assumed that her silence before the surgery meant she agreed with his plan to operate.

“Each of us was trying our best to help a patient, but we were also respecting the boundaries and hierarchy imposed by our professional culture,” Dr. Srivastava said. “The tragedy was that the patient died, when speaking up would have made all the difference.”

Compounding the problem is an increasing sense of self-doubt among many doctors. With rapid advances in treatment, there is often no single correct “answer” for a patient’s problem, and doctors, struggling to stay up-to-date in their own particular specialty niches, are more tentative about making suggestions that cross over to other doctors’ “turf.” Even as some clinicians attempt to compensate by organizing multidisciplinary meetings, inviting doctors from all specialties to discuss a patient’s therapeutic options, “there will inevitably be a hierarchy at those meetings of who is speaking,” Dr. Srivastava noted. “And it won’t always be the ones who know the most about the patient who will be taking the lead.”

It is the potentially disastrous repercussions for patients that make this overly developed awareness of rank and boundaries a critical issue in medicine. Recent efforts to raise safety standards and improve patient care have shown that teams are a critical ingredient for success. But simply organizing multidisciplinary lineups of clinicians isn’t enough. What is required are teams that recognize the importance of all voices and encourage active and open debate.

Since their patient’s death, Dr. Srivastava and the surgeon have worked together to discuss patient cases, articulate questions and describe their own uncertainties to each other and in patients’ notes. “We have tried to remain cognizant of the fact that we are susceptible to thinking about hierarchy,” Dr. Srivastava said. “We have tried to remember that sometimes, despite our best intentions, we do not speak up for our patients because we are fearful of the consequences.”

That was certainly true for my lung cancer patient. Like all the other doctors involved in his care, I hesitated to talk to the chief medical oncologist. I questioned my own credentials, my lack of expertise in this particular area of oncology and even my own clinical judgment. When the patient appeared to fare better, requiring less oxygen and joking and laughing more than I had ever seen in the past, I took his improvement to be yet another sign that my attempt to talk about holding back chemotherapy was surely some surgical folly.

But a couple of days later, the humidified oxygen mask came back on. And not long after that, the patient again asked for me to come close.

This time he said: “I’m tired. I want to stop the chemo.”

Just before he died, a little over a week later, he was off all treatment except for what might make him comfortable. He thanked me and the other doctors for our care, but really, we should have thanked him and apologized. Because he had pushed us out of our comfortable, well-delineated professional zones. He had prodded us to talk to one another. And he showed us how to work as a team in order to do, at last, what we should have done weeks earlier.

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DealBook: Confidence on Upswing, Mergers Make Comeback

The mega-merger is back.

For the corporate takeover business, the last half-decade was a fallow period. Wall Street deal makers and chief executives, brought low by the global financial crisis, lacked the confidence to strike the audacious multibillion-dollar acquisitions that had defined previous market booms.

Cycles, however, turn, and in the opening weeks of 2013, merger activity has suddenly roared back to life. On Thursday, Berkshire Hathaway, the conglomerate run by Warren E. Buffett, said it had teamed up with Brazilian investors to buy the ketchup maker H. J. Heinz for about $23 billion. And American Airlines and US Airways agreed to merge in a deal valued at $11 billion.

Those transactions come a week after a planned $24 billion buyout of the computer company Dell by its founder, Michael S. Dell, and private equity backers. And Liberty Global, the company controlled by the billionaire media magnate John C. Malone, struck a $16 billion deal to buy the British cable business Virgin Media.

“Since the crisis, one by one, the stars came into alignment, and it was only a matter of time before you had a week like we just had,” said James B. Lee Jr., the vice chairman of JPMorgan Chase.

Still, bankers and lawyers remain circumspect, warning that it is still too early to declare a mergers-and-acquisitions boom like those during the junk bond craze of 1989, the dot-com bubble of 1999 and the leveraged buyout bonanza of 2007. They also say that it is important to pay heed to the excesses that developed during these moments of merger mania, which all ended badly.

A confluence of factors has driven the recent deals. Most visibly, the stock market has been on a tear, with the Standard & Poor’s 500-stock index this week briefly hitting its highest levels since November 2007. Higher share prices have buoyed the confidence of chief executives, who now, instead of retrenching, are looking for ways to expand their businesses.

A number of clouds that hovered over the markets last year have also been removed, eliminating the uncertainty that hampered deal making. Mergers and acquisitions activity in 2012 remained tepid as companies took a wait-and-see approach over the outcome of the presidential election and negotiations over the fiscal cliff. The problems in Europe, which began in earnest in 2011, shut down a lot of potential transactions, but the region has since stabilized.

“When we talk to our corporate clients as well as the bankers, we keep hearing them talk about increased confidence,” said John A. Bick, a partner at the law firm Davis Polk & Wardwell, who advised Heinz on its acquisition by Mr. Buffett and his partners.

Mr. Bick said that mega-mergers had a psychological component, meaning that once transactions start happening, chief executives do not want to be left behind. “In the same way that success breeds success, deals breed more deals,” he said.

A central reason for the return of big transactions is the mountain of cash on corporate balance sheets. After the financial crisis, companies hunkered down, laying off employees and cutting costs. As a result, they generated savings. Today, corporations in the S.& P. 500 are sitting on more than $1 trillion in cash. With interest rates near zero, that money is earning very little in bank accounts, so executives are looking to put it to work by acquiring businesses.

The private equity deal-making machine is also revving up again. The world’s largest buyout firms have hundreds of billions of dollars of “dry powder” — money allotted to deals in Wall Street parlance — and they are on the hunt. The proposed leveraged buyout of Dell, led by Mr. Dell and the investment firm Silver Lake Partners, was the largest private equity transaction since July 2007, when the Blackstone Group acquired the hotel chain Hilton Worldwide for $26 billion just as the credit markets were seizing up.

But perhaps the single biggest factor driving the return of corporate takeovers is the banking system’s renewed health. Corporations often rely on bank loans for financing acquisitions, and the ability of private equity firms to strike multibillion-dollar transactions depends on the willingness of banks to lend them money.

For years, banks, saddled by the toxic mortgage assets weighing on their balance sheets, turned off the lending spigot. But with the housing crisis in the rearview mirror and economic conditions slowly improving, banks are again lining up to provide corporate loans at record-low interest rates to finance acquisitions.

The banks, of course, are major beneficiaries of megadeals, earning big fees from both advising on the transactions and lending money to finance them. Mergers and acquisitions in the United States total $158.7 billion so far this year, according to Thomson Reuters data, more than double the amount in the same period last year. JPMorgan, for example, has benefited from the surge, advising on four big deals in recent weeks, including the Dell bid and Comcast’s $16.7 billion offer for the rest of NBCUniversal that it did not already own.

Mr. Buffett, in a television interview last month, declared that the banks had repaired their businesses and no longer posed a threat to the economy. “The capital ratios are huge, the excesses on the asset aside have been largely cleared out,” said Mr. Buffett, whose acquisition of Heinz will be his second-largest acquisition, behind his $35.9 billion purchase of a majority stake in the railroad company Burlington Northern Santa Fe in 2009.

While Wall Street has an air of giddiness over the year’s start, most deal makers temper their comments about the current environment with warnings about undisciplined behavior like overpaying for deals and borrowing too much to pay for them.

Though private equity firms were battered by the financial crisis, they made it through the downturn on relatively solid ground. Many of their megadeals, like Hilton, looked destined for bankruptcy after the markets collapsed, but they have since recovered. The deals have benefited from an improving economy, as well as robust lending markets that allowed companies to push back the large amounts of debt that were to have come due in the next few years.

But there are still plenty of cautionary tales about the consequences of overpriced, overleveraged takeovers. Consider Energy Future Holdings, the biggest private equity deal in history. Struck at the peak of the merger boom in October 2007, the company has suffered from low natural gas prices and too much debt, and could be forced to restructure this year. Its owners, a group led by Kohlberg Kravis Roberts and TPG, are likely to lose billions.

Even Mr. Buffett made a mistake on Energy Future Holdings, having invested $2 billion in the company’s bonds. He admitted to shareholders last year that the investment was a blunder and would most likely be wiped out.

“In tennis parlance,” Mr. Buffett wrote, “this was a major unforced error.”

Michael J. de la Merced contributed reporting.

A version of this article appeared in print on 02/15/2013, on page A1 of the NewYork edition with the headline: Confidence on Upswing, Mergers Make Comeback.

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Oscar Pistorius arrested in slaying of model Reeva Steenkamp

Paralympian Oscar Pistorius charged with murder

By Houston Mitchell

February 14, 2013, 6:35 a.m.

South African police Thursday arrested double amputee Olympic runner Oscar Pistorius and said he would be charged with murder after his girlfriend, Reeva Steenkamp, was shot and killed at his home earlier in the morning.

Police spokesperson Brigadier Denise Beukes said that Pistorius was at his home after the death of the victim and that "there is no other suspect involved."

"There are witnesses and they have been interviewed this morning. We are talking about neighbors and people that heard things earlier in the evening and when the shooting took place," Beukes said.

Pistorius' court hearing was originally scheduled for Thursday afternoon but has been postponed until Friday to give forensic investigators time to carry out their work.

The athlete's father, Henke Pistorius, told South Africa's SABC radio news that he didn't know the facts. "If anyone makes a statement, it will have to be Oscar. He's sad at the moment."

Media in South Africa are reporting that Steenkamp was surprising Pistorius for Valentine's Day when he mistook her for a burglar and shot her. Steenkamp was shot in the arm and head and a 9-mm pistol was recovered at the scene.

"We have also taken cognizance of the media reports during the morning of an alleged break-in or that the young lady was mistaken to be a burglar," Beukes said. "Obviously our forensic investigation is still ongoing and we're not sure where this report came from.... Our detectives have been on the scene, our forensic investigators have been on the scene and the investigation is ongoing."

South African police said that there had been "previous incidents" of a domestic nature reported at Pistorius' home.

Pistorius, 26, was born without the fibula bone in both legs. He was known as the "Blade Runner" for his use of carbon fiber prosthetic blades. He was the first double amputee to run in the Olympics and reached the 400 meter semifinals in London 2012.

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SmartBall Keeps an Eye <em>Inside</em> the Ball

The old sports cliche “keep your eye on the ball” is getting a modern twist by an Australian sports tech company that’s putting an eye inside the ball.

Catapult Sports is rolling out the first major trial of ball-tracking technology this spring during the Australian Football League’s pre-season NAB Cup. SmartBall uses a tiny sensor inside the ball and fist-sized GPS trackers worn by players to produce a two-dimensional model of how the players and the ball move on the field.

There are two benefits to this. First, the player-worn devices send data to the sidelines, allowing trainers to determine who is working at peak levels, who is tiring and how changes in ball possession could be affecting their levels of effort. This type of sports-science approach is old hat for Catapult, which has long supplied its OptimEye monitors to professional, college, and Olympic teams around the world.

More on Sports Data Tracking:

SmartBall expands the benefits of data-tracking from health monitoring and to in-game strategy and analysis. The technology can track who’s had the ball and for how long, where it is on the field, how it got there and at what speed. By examining real-time data, coaches can see where their formations and plays work and where there are weak spots. This will allow changing tactics during the game and in practice sessions.

“There’s going to be a lot of learning this season,” Luke Millar, Catapult Sports’ global manager, said. “People know it’s an amazing tool, but they’re going to sit down and say, ‘How are we going to use this information?’”

Such data also could be broadcast to fans watching the action, providing new insights into gameplay.

Leagues have been hesitant to implement any tracking system that altered the primary tool of the game: the ball. No changes in dimensions were allowed, and anything that altered how the ball bounced, spun, flew, or felt was a non-starter.

Catapult solved that problem by removing the transmitter from the chip inside the ball. Now the chip weighs just over half an ounce, so the ball stays within the specified range of 17 to 18 ounces. The transmitter is in the small GPS units included with each player’s game-day equipment.

The in-ball module sits snugly inside a pouch with the ball’s interior bladder. Two beacons — one with a range of 16 to 47 inches and another with a range of 3 to 16 feet — pulse five times per second, sending data to the receiver. The receiver typically is strapped into a vest worn and sits comfortably between the player’s shoulders. The data recorder worn by the players can tell whether the player has the ball and can produce accurate measurements of possessions, speed, and distance.

The NAB Cup will mark the first time the ball-tracking tech has been used in an official game, but a few teams, including Gold Coast, North Melbourne and Adelaide, have tested the system during preseason practice. If all goes well, Catapult co-founder and COO Igor van de Griendt said he foresees the SmartBall being used at a future Super Bowl.

“We see the ball tracking as having enormous potential for Australian football and rugby this year, but have our sights on soccer and (American) football in the near future,” he said. “We’re all pretty excited about where the technology is headed.”

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Bosnian Roma family plays itself in stark film

BERLIN (Reuters) – When Bosnian director Danis Tanovic learned about a Roma family refused emergency medical care because they could not pay for it, he not only decided to turn their story into a film but managed to convince the couple to play themselves.

The result is “An Episode in the Life of an Iron Picker”, a simple, powerful tale of one man’s struggle to provide for his partner and two daughters and of a society where money is apparently more important than human life.

The fact that Nazif Mujic and his partner Senada Alimanovic are Roma adds an extra dimension of injustice and alienation, but Tanovic’s tale is more universal.

“This story happens all around Europe to Roma people,” the award-winning director told Reuters in Berlin, where his movie is in competition at the film festival.

“In my country it happens to other people too. It is probably the poorest country in Europe. So this is an unfortunate reality of many, many people who live there … It really made me angry so I just went there and did this film.”

Tanovic first read about the case of the couple and their two children in a local newspaper in 2011.

He went to visit them in their run-down home in the village of Poljice, and after several days they finally agreed to appear as themselves in a kind of docu-drama.

Mujic had no regular job, but helped strip down cars to make a few Bosnian marks from a scrap dealer. Alimanovic was pregnant with their third child when she fell ill and miscarried.

The family was told she must have emergency surgery, but when doctors discovered they had no insurance they were sent away despite Mujic’s desperate and humiliating pleas.

Told it would cost 980 marks (around 500 euros) to pay for an operation, Mujic knew he could never raise the money, and so went back to the hospital and to charities, begging for help.

“BETTER IN THE WAR”

In the end the only way to succeed was to break the law.

“I really tried and struggled to get some help for Senada from all the different state institutions, but none of them would help, so it is tough,” Mujic said in Berlin, speaking through a translator.

“My biggest ambition is to have a job and be able to support the family, but unfortunately I don’t have any illusions or hopes that I will be able to get work anyway.”

Tanovic, best known for his 2001 Academy Award-winning debut feature “No Man’s Land”, said Bosnians too often turned their backs on the poor, despite many cases he knew where people risked lives to help a stranger during the 1992-95 war.

“I wish I lived in a country that took better care of their people but it is not the case,” he said.

“So when you open Bosnian newspapers … every day you see people asking for help, people begging for money to help operate somebody or something. It is terrible.”

At one point in the unscripted film, which cost just 30,000 euros ($ 40,000) to make, Mujic tells a charity worker that life was better during the war, and Tanovic said that to some extent he agreed.

“A lot of people actually lived better in the war, because in war you don’t see rich people driving cars around, you don’t see politicians having fun … All you see is people trying to survive and you are surviving too, so you are happy when you have one meal.”

(Reporting by Mike Collett-White, editing by Paul Casciato)

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Well: The Well Flu Quiz

What surface is the most friendly to the flu virus? Where’s the best place to stand when you’re talking to a sick person? And how are Australians curbing germs in schools? To find out these answers and more, take the Well Flu Quiz.

With contributions from Laura Geggel and Tara Parker-Pope.

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DealBook: Berkshire and 3G Capital to Buy Heinz for $23 Billion

10:12 a.m. | Updated

Warren E. Buffett has found another American icon worth buying: H. J. Heinz.

Berkshire Hathaway, the giant conglomerate that Mr. Buffett runs, said on Thursday that it would buy the food giant for about $23 billion, adding Heinz ketchup to its stable of prominent brands.

The proposed acquisition, coming fast on the heels of a planned $24 billion buyout of the computer maker Dell and a number of smaller deals, heralds a possible reemergence in merger activity.  The number of deals and the prices being paid for companies are still a far cry from the lofty heights of the boom before the financial crisis.  But an improving stock market, growing confidence among business executives and mounting piles of cash held by corporations and private equity funds all favor a return to deal-making. 

Mr. Buffett is teaming up with 3G Capital Management, a Brazilian-backed investment firm that owns a majority stake in a company whose business is complementary to Heinz’s: Burger King.

Under the terms of the deal, Berkshire and 3G will pay $72.50 a share, about 20 percent above Heinz’s closing price on Wednesday. Including debt, the transaction is valued at $28 billion.

“This is my kind of deal and my kind of partner,” Mr. Buffett told CNBC on Thursday. “Heinz is our kind of company with fantastic brands.”

In many ways, Heinz fits Mr. Buffett’s deal criteria almost to a T. It has broad brand recognition – besides ketchup, it owns Ore-Ida and Lea & Perrins Worcestershire sauce – and has performed well. Over the last 12 months, its stock has risen nearly 17 percent.

Mr. Buffett told CNBC that he had a file on Heinz dating back to 1980. But the genesis of Thursday’s deal actually lies with 3G, an investment firm backed by several wealthy Brazilian families, according to a person with direct knowledge of the matter.

One of the firm’s principal backers, Jorge Paulo Lemann, brought the idea of buying Heinz to Berkshire about two months ago, this person said. Mr. Buffett agreed, and the two sides approached Heinz’s chief executive, William R. Johnson, about buying the company.

“We look forward to partnering with Berkshire Hathaway and 3G Capital, both greatly respected investors, in what will be an exciting new chapter in the history of Heinz,” Mr. Johnson said in a statement.

Berkshire and 3G will each contribute about $4 billion in cash to pay for the deal, with Berkshire also paying $8 billion for preferred shares. The rest of the cost will be covered by debt financing raised by JPMorgan Chase and Wells Fargo.

Mr. Buffett told CNBC that 3G would be the primary supervisor of Heinz’s operations, saying, “Heinz will be 3G’s baby.”

The food company’s headquarters will remain in Pittsburgh, Heinz’s home for over 120 years.

Heinz’s stock was up nearly 20 percent in morning trading, at $72.51, closely mirroring the offered price. Berkshire’s class A stock was also up slightly, rising 0.64 percent to $148,691 a share.

Heinz was advised by Centerview Partners, Bank of America Merrill Lynch and the law firm Davis Polk & Wardwell. A transaction committee of the company’s board was advised by Moelis & Company and Wachtell, Lipton, Rosen & Katz.

Berkshire’s and 3G’s lead adviser was Lazard, with JPMorgan and Wells Fargo providing additional advice. Kirkland & Ellis provided legal advice to 3G, while Berkshire relied on its usual law firm, Munger, Tolles & Olson.

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