{"id":129079,"date":"2019-08-09T00:20:12","date_gmt":"2019-08-09T00:20:12","guid":{"rendered":"https:\/\/www.bnreport.com\/buffetts-berkshire-stung-as-kraft-heinz-bet-drops-to-record-low\/"},"modified":"2019-08-09T00:20:12","modified_gmt":"2019-08-09T00:20:12","slug":"buffetts-berkshire-stung-as-kraft-heinz-bet-drops-to-record-low","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/buffetts-berkshire-stung-as-kraft-heinz-bet-drops-to-record-low\/","title":{"rendered":"Buffett\u2019s Berkshire stung as Kraft Heinz bet drops to record low"},"content":{"rendered":"

By Katherine Chiglinsky
<\/strong>
The good news: Berkshire Hathaway<\/a> Inc. finally has a handle on how Kraft Heinz<\/a> Co.s business is performing after months of silence. The bad news: a big writedown for Warren Buffetts company may be coming.<\/p>\n

Kraft Heinz shares plunged to a record low after reporting that profit slipped 15% in the companys home market. That leaves Berkshires 27% stake worth $8.5 billion, well below the $13.5 billion it has Kraft Heinz marked on its books.<\/p>\n

Buffetts company has been burned by its Kraft Heinz bet as the packaged food giant reeled from a $15.4 billion writedown and a Securities and Exchange Commission subpoena announced in February. The billionaire investor, who teamed up with 3G Capital<\/a> to form Kraft Heinz, said that month that he had no intention of selling any of Berkshires stake in the company but also didnt expect to buy more because it wasnt \u201cworth as much.\u201d<\/p>\n

Berkshire said in its earnings report Saturday that it decided not to take a writedown on its Kraft Heinz stake as of June 30, despite a more than $3 billion gap between the market price and its carrying value at the time. That was due in part to the gap being only a few months old, and to Berkshires \u201cability and intent to hold the investment until recovery.\u201d But BuffettsRead More \u2013 Source<\/strong><\/a>
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\n <\/p>\n

ET Markets<\/a><\/h5>\n

[contfnewc]
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By Katherine Chiglinsky<\/p>\n

The good news: Berkshire Hathaway I..<\/p>\n","protected":false},"author":1,"featured_media":129080,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-129079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nBuffett\u2019s Berkshire stung as Kraft Heinz bet drops to record low - Business News Report<\/title>\n<meta name=\"description\" content=\"By Katherine Chiglinsky The good news: Berkshire Hathaway I..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/buffetts-berkshire-stung-as-kraft-heinz-bet-drops-to-record-low\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buffett\u2019s Berkshire stung as Kraft Heinz bet drops to record low - 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