Shares of Kraft Heinz Co fell 4% on Tuesday after the packaged food maker's...
FILE PHOTO: Shareholders shop for discounted products at the Kraft Heinz booth at the annual Berkshire Hathaway shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan
In a filing with the U.S. Securities and Exchange Commission on Monday, 3G Global Food Holdings disclosed that it sold 25.1 million shares at $28.44 per share, lower than Kraft Heinz’s Monday’s close of $29.62. “The sale was driven by periodic liquidity windows by 3G investors in the 3G fund that holds Kraft Heinz stock,” said Kraft’s spokesman, adding that the Brazilian private equity firm has no current plan or intention to sell any additional shares.
3G Capital’s stake cut comes as Kraft Heinz struggles to turnaround following dismal results, a string of write-downs of brands amidst competition from private-label brands, changing consumer tastes and lower investment in its brands due to heavy cost-cutting.
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