Warren Buffett's Berkshire Hathaway cut its stake in Kraft by 23% in Q1 after saying the food giant made a number of "dumb" moves in acquiring Cadbury.
Berkshire cut its holding in Kraft from 138.27 million shares to 106.73 million over the quarter, filings to the US Securities and Exchange Commission show. The group was once the largest shareholder in Kraft, controlling 9.4% of the company. Buffett was critical of Kraft and CEO Irene Rosenfeld for using "undervalued" company stock to buy Cadbury, and for selling Kraft's frozen pizza businesses to Nestle to partly fund the deal. At Berkshire's annual shareholder meeting earlier this month, Buffett said the pizza disposal was "particularly dumb". Berkshire sold a net $639m of eq...
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