Buffett says Berkshire overpaid for Kraft Heinz

February 25, 2019

(Reuters) – Warren Buffett said on Monday that his company Berkshire Hathaway Inc overpaid in the merger that created Kraft Heinz Co.

Berkshire and Brazilian firm 3G teamed up in 2015 to merge the former Kraft Foods with their H.J. Heinz. They own about half of the combined company, with Berkshire holding a 26.7 percent stake.

“We overpaid for Kraft,” Buffett said on CNBC television. “I was wrong in a couple of ways on Kraft Heinz.”

(Reporting by Jonathan Stempel in New York; Editing by David Goodman)

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