Kraft Heinz slumps on potential Berkshire Hathaway stake sale

(Sharecast News) - Kraft Heinz slumped in pre-market trade on Wednesday after the company said that its biggest shareholder, Berkshire Hathaway, might sell just over 325.4m shares. The disclosure was made in a regulatory filing late on Tuesday.

At 1155 GMT, the shares were down 4.7% at $22.65.

Last September, Kraft Heinz announced plans to split into two companies, one focused on groceries and the other on sauces and spreads.

It said at the time that the separation was designed to maximise the company's capabilities and brands while reducing complexity, "allowing both new companies to more effectively deploy resources toward their distinct strategic priorities".

"This focus will enable stronger performance while preserving the scale to compete and win in today's environment."

The spinoff is expected to complete in the second half of this year.