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Warren Buffett says Berkshire Hathaway overpaid for Kraft Heinz

The comments were a rare admission of error by the 88-year-old billionaire on a major investment at his Omaha, Nebraska-based conglomerate


Warren Buffett said on Monday his Berkshire Hathaway Inc overpaid in the 2015 merger that created Kraft Heinz Co, but he had no plans to flee the struggling packaged foods company. Buffett spoke four days after Kraft Heinz took a $15.4 billion writedown for its Kraft and Oscar Mayer brands and other assets, slashed its dividend, and said the US Securities and Exchange Commission was probing its accounting. Kraft Heinz's share price sank 27.5 per cent on Friday, wiping out more than $16 billion of market value, and causing Berkshire to lose $4.3 billion on its stake. Berkshire ...

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First Published: Tue, February 26 2019. 00:25 IST