NEW YORK — Kraft Heinz Co. shares are sliding after one of the company’s top investors sold 25 million shares.
3G Capital — a Brazilian private-equity firm — reduced its stake in the company by 9%. 3G remains the company’s second-largest shareholder.
3G partnered with Berkshire Hathaway Inc. to combine Kraft and Heinz in 2015.
But the maker of Heinz ketchup, Jell-O and Velveeta cheese has struggled with competition from store brands and consumers’ migration to healthier, less-processed foods. Omaha investor Warren Buffett, Berkshire’s chairman and chief executive, has said his firm overpaid for Kraft.
Earlier this year, the company slashed the value of its Oscar Mayer and Kraft brands by $15.4 billion. It also restated financial results after an investigation by the U.S. Securities and Exchange Commission.
Kraft Heinz shares fell 4% Tuesday to $28.36.
The Omaha World-Herald is owned by Berkshire Hathaway Inc.
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