Analysts think growth is impossible, that each company effectively has 100% of their possible market share, so the focus is now on making fierce cuts to improve margins. CAG is merely following the 3G lead in this way... I think they hope to become a mini 3G. In short, that means most people will either be zero-based or outsourced out of a job. Sadly, while some teams are getting all the info from internal leaks, other teams still think it's business as usual and may not understand the depth of the cuts that are just around the corner. Whether the HQ is in Omaha or Chicago, it doesn't make much difference. Job cuts will be drastic, and Omaha will be seriously impacted either way.
Watch for both acquisitions and further divestitures in the short run as well. And to the local news, no, Berkshire is not buying ConAgra. If that were ever on the table, Berkshire would have acquired CAG while it was still bloated, not after the stock price has already jumped significantly on news of pending SG&A cuts.