Berkshire Hathaway has been hit by a $3.8bn writedown on its investment in Kraft Heinz, in an acknowledgment of the trouble Warren Buffett has had with his landmark 2015 consumer goods industry deal.
It is the second time Berkshire has written down the value of the business, known for Heinz Ketchup and Kraft Macaroni & Cheese, following a $3bn writedown in 2019.
Kraft Heinz is exploring a break-up as its board and executive team work to bolster the value of the company. Shares of the business have badly trailed the broader market since the billionaire investor combined Heinz, which Berkshire owned alongside investment group 3G Capital, with publicly listed Kraft.
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