Warren Buffett successor's first big move could be selling Kraft Heinz stock
AP News • • general
Key Points:
- Kraft Heinz disclosed that Berkshire Hathaway, under new CEO Greg Abel, may consider selling its entire 325 million share stake in the company, signaling a potential strategic shift from Warren Buffett’s tenure.
- Buffett and 3G Capital originally orchestrated the Kraft-Heinz merger in 2015, but Berkshire has since faced challenges as consumer preferences shifted away from processed foods, leading to a $3.76 billion writedown last year.
- This potential sale marks a rare move for Berkshire, which traditionally focused on acquisitions rather than divestitures, suggesting Greg Abel might reassess and possibly streamline Berkshire’s extensive portfolio.
- Analysts note that unloading such a large stake would be complex and may require a significant buyer, but Buffett has maintained
