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Kraft Heinz shares fall after key investor dumps holdings

Kraft Heinz shares fall after key investor dumps holdings

ECONOMIC NEWS

Kraft Heinz shares fall after key investor dumps holdings

Kraft Heinz Co. shares are sliding after one of the company’s top investors sold 25 million shares.

3G Capital — a Brazilian private equity firm — reduced its stake in the company by 9%. 3G remains the company’s second-largest shareholder.

3G partnered with Berkshire Hathaway Inc. to combine Kraft and Heinz in 2015.

But the maker of Heinz ketchup, Jell-O and Velveeta cheese has struggled with competition from store brands and consumers’ migration to healthier, less-processed foods. Berkshire chief Warren Buffett has said his firm overpaid for Kraft.

Earlier this year, the company slashed the value of its Oscar Meyer and Kraft brands by $15.4 billion. It also restated financial results after an investigation by the U.S. Securities and Exchange Commission.

Kraft Heinz shares fell 4% to $28.43 in morning trading.


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