Kraft Heinz shares fall after key investor dumps holdings

Kraft Heinz Co. shares are sliding after one of many firm’s high buyers offered 25 million shares.

3G Capital — a Brazilian non-public fairness agency — lowered its stake within the firm by 9%. 3G stays the corporate’s second-largest shareholder.

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

However the maker of Heinz ketchup, Jell-O and Velveeta cheese has struggled with competitors from retailer manufacturers and customers’ migration to more healthy, less-processed meals. Berkshire chief Warren Buffett has mentioned his agency overpaid for Kraft.

Earlier this 12 months, the corporate slashed the worth of its Oscar Meyer and Kraft manufacturers by $15.Four billion. It additionally restated monetary outcomes after an investigation by the U.S. Securities and Trade Fee.

Kraft Heinz shares fell 4% to $28.43 in morning buying and selling.