3G Capital is in talks to acquire Kraft in a deal likely to be worth at least $40 billion, according to the Wall Street Journal, citing a source familiar with the talks. 3G already owns Heinz, and would seek to combine the two food giants. Other media also published reports of the talks.
The news came after markets closed on Tuesday in New York. Kraft (KRFT) ended the trading day at $61.33, putting the company's market value at $36 billion.
Kraft shares surged over 16% in extended trading.
3G Capital teamed up with Warren Buffett's Berkshire Hathaway in 2013 to acquire Heinz. The investment firm also purchased Burger King in 2010, and recently made headlines when it engineered the fast food chain's purchase of Canadian chain Tim Hortons.
Buffett also provided financing to complete the Burger King deal, though Berkshire didn't take a management role in the combined company.
There's no word yet of any Buffett involvement in the Kraft acquisition.
Kraft owns popular brands including Jell-O, Maxwell House coffee and Planters peanuts.
The Illinois-based firm's net profit last year fell 62% to just over $1 billion. The company also saw little growth in its $18 billion revenue.
Just last week, Kraft recalled 240,000 cases of macaroni and cheese, because some boxes may have been contaminated with pieces of metal.
None of the companies responded immediately for a request for comment.
Related: Olive Garden's neverending comeback
CNNMoney (Hong Kong) March 25, 2015: 5:29 AM ET
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