Billionaire Warren Buffett denies any tensions in partnership with 3G Capital
The stock has lost more than 50% of its value over the last 12 months. In February, Kraft Heinz announced it was writing down the value of its Kraft and Oscar Meyer brands by $15.4 billion, slashed its dividend, and announced an investigation by the Securities & Exchange Commission into its accounting practices and procurement procedures. In May the company said it would restate nearly three years of its financial reports after an internal investigation looking into the charges.
"I made a mistake in the Kraft purchase in terms of paying too much," Buffett said, adding that the writedown of the Kraft and Oscar Meyer brands earlier this year was an acknowledgement of that. The company is now saddled with roughly $31 billion in debt. "It will take time to whittle that down," he said.
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