Is Buffett overpaying for Heinz?

Berkshire and 3G’s $28 billion bid for the ketchup maker could be Warren Buffett’s richest deal yet.

FORTUNE — Part of the mystique, and down-home charm, of Warren Buffett is the belief that most of all he is always looking for a good bargain. Did he get one with Heinz? It’s not so clear.

Buffett is best known for having bought up large stakes in companies like Coke (KO), Geico, Gillette and Wells Fargo (WFC) at what at least in retrospect were cut-rate prices. But as Buffett’s acquisitions have gotten bigger and bigger over the years, and the market has changed, the idea of Buffett as extreme value hunter has become more image than reality.

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