Bottles of Heinz ketchup and mustard for sale are seen at the Heinz company display at the Berkshire Hathaway shareholder’s shopping day in Omaha, Nebraska May 1, 2015.
Reuters
Warren Buffett told CNBC on Tuesday that he is disappointed in the Kraft Heinz split that unwinds much of the blockbuster merger he masterminded a decade ago.
With a 27.5% stake in the company, Berkshire Hathaway is Kraft Heinz’s largest shareholder. The firm has not touched its shares since the 2015 merger that formed the food conglomerate.
Shares of the company fell more than 3% following Buffett’s comments.
Buffett told CNBC’s Becky Quick on Tuesday that the merger didn’t turn out to be a brilliant idea, but he does not think that taking the company apart will fix its problems.
Greg Abel, who will take reins at Berkshire Hathaway from Buffett at the end of the year, expressed disappointment to Kraft Heinz, according to Buffett.
This story is developing. Please check back for updates.
