业绩承压促成分拆，撤销2015年超级合并 伯克希尔·哈撒韦持有卡夫亨氏超过27%的股份，是该公司最大股东。这一减持计划的披露，正值卡夫亨氏宣布分拆计划数月之后。 食品巨头卡夫亨氏最大股东伯克希尔·哈撒韦可能即将完成一场近乎清仓式的减持。这笔交易将标志着沃伦·巴菲特时代最受关注的食品投资 之一走向终结。 根据卡夫亨氏向美国证券交易委员会提交的监管文件，伯克希尔·哈撒韦注册出售至多3.254亿股公司股票。据FactSet数据，伯克希尔目前持 有该公司3.256亿股，这意味着此次减持几乎涵盖其全部持仓。 消息公布后，卡夫亨氏股价在盘后交易中重挫4.9%。投资者对这家曾被视为价值投资典范的食品公司前景的担忧进一步加深。 卡夫亨氏近年来经营面临挑战。今年9月，公司宣布将分拆为两家独立公司。这一决定意味着2015年促成的卡夫与亨氏超级合并将被撤销。 该交易当年曾轰动一时，将两个美国食品行业最知名的品牌整合在一起。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此 投资，责任自负。 卡夫亨氏旗 ...

美国证券交易委员会（SEC）最新文件显示，伯克希尔或出售卡夫亨氏股份。截至目前，伯克希尔的持股比例为27.5%。卡夫亨氏此前宣布重组交易将于 2026年完成。 据媒体报道，"股神"巴菲特于2025年底退休，伯克希尔在其退休后会如何投资和运作受市场关注。 伯克希尔或出售卡夫亨氏股份 美东时间1月20日，卡夫亨氏向SEC提交招股说明书补充文件。文件显示，伯克希尔·哈撒韦公司伯对潜在转售（potential resale）其持有的3.254亿股股份事 宜进行了登记。 2013年，巴菲特的伯克希尔哈撒韦与私募3G Capital合作私有化亨氏公司，交易总价值达到280亿美元；2015年，巴菲特与3G推动亨氏与卡夫合并。卡夫 亨氏于2015年上市，2017年市值突破千亿美元后，股价整体延续跌势。 卡夫亨氏重组预计于2026年完成交易 2025年9月，卡夫亨氏发布公告称，公司将通过免税分拆的方式，拆分为两家独立上市公司。本次拆分旨在回应持续的业绩压力和行业变革。交易预计于 2026年下半年完成，需获得监管批准。 具体拆分方案如下：第一家公司Global Taste Elevation Co.（全球风味提升公司）将专注于酱 ...

美国证券交易委员会（SEC）最新文件显示，伯克希尔或出售卡夫亨氏股份。截至目前，伯克希尔的持股比例为27.5%。卡 夫亨氏此前宣布重组交易将于2026年完成。 据媒体报道，"股神"巴菲特于2025年底退休，伯克希尔在其退休后会如何投资和运作受市场关注。 美东时间1月20日，卡夫亨氏向SEC提交招股说明书补充文件。文件显示，伯克希尔·哈撒韦公司对潜在转售（potential resale）其持有的3.254亿股股份事宜进行了登记。 | Exhibit | | | --- | --- | | Number | Description | | ২.1 | Opinion of Skadden. Arps. Slate, Meagher & Flom LLP | | 23.1 | Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1) | | 104 | Cover Page Interactive Data File (formatted as inline XBRL). | 截至目前，伯克希尔是卡夫亨氏的最大股东， ...

【 导读 】伯克希尔或出售卡夫亨氏 股份 中国基金报记者 储是 美国证券交易委员会（SEC） 最新文件显示，伯克希尔或出售卡夫亨氏股份。截至目前，伯 克希尔的持股比例为27.5%。卡夫亨氏此前宣布重组交易将于2026年完成。 据媒体报道，"股神 " 巴菲特于2025年底退休，伯克希尔在其退休后会如何投资和运作受市 场关注。 伯克希尔或出售卡夫亨氏股份 美东时间1月20日，卡夫亨氏向SEC提交招股说明书补充文件。文件显示，伯克希尔·哈撒韦 公司伯对潜在转售（potential resale）其持有的3.254亿股股份事宜进行了登记。 2013年，巴菲特的伯克希尔哈撒韦与私募3G Capital合作私有化亨氏公司，交易总价值达到 280亿美元；2015年，巴菲特与3G推动亨氏与卡夫合并。卡夫亨氏于2015年上市，2017年 市值突破千亿美元后，股价整体延续跌势。 卡夫亨氏重组预计于2026年完成交易 2025年9月，卡夫亨氏发布公告称，公司将通过免税分拆的方式，拆分为两家独立上市公 司。本次拆分旨在回应持续的业绩压力和行业变革。交易预计于2026年下半年完成，需获得 监管批准。 具体拆分方案如下：第一家公司Glo ...

【导读】伯克希尔或出售卡夫亨氏股份 来源：中国基金报 记者 储是 美国证券交易委员会（SEC）最新文件显示，伯克希尔或出售卡夫亨氏股份。截至目前，伯克希尔的持 股比例为27.5%。卡夫亨氏此前宣布重组交易将于2026年完成。 据媒体报道，"股神"巴菲特于2025年底退休，伯克希尔在其退休后会如何投资和运作受市场关注。 伯克希尔或出售卡夫亨氏股份 美东时间1月20日，卡夫亨氏向SEC提交招股说明书补充文件。文件显示，伯克希尔·哈撒韦公司伯对潜 在转售（potential resale）其持有的3.254亿股股份事宜进行了登记。 | Item 8.01 | Other Events. | | --- | --- | | Pursuant to the terms of the Amended and Restated Registration Rights Agreement, dated as of July 2, 2015, by and | | | among The Kraft Heinz Company (the "Company"), 3G Global Food Holdings LP and Be ...

Core Viewpoint - Warren Buffett publicly criticized Kraft Heinz's decision to split its business without consulting shareholders, expressing disappointment and indicating the possibility of reducing or selling his stake in the company [1][2][6] Group 1: Company Actions and Plans - Kraft Heinz announced plans to split into two publicly traded companies, one focusing on sauces and the other on grocery products, with expected sales of approximately $15.4 billion and $10.4 billion respectively in 2024 [4][5] - The split aims to simplify the business structure and enhance brand resource allocation and profitability in response to ongoing performance pressures and industry changes [5][6] Group 2: Market Reactions and Financial Implications - Following the split announcement, Kraft Heinz's stock has declined nearly 9% this year, significantly underperforming the major U.S. stock indices, with a current market capitalization of $32.3 billion [1][2] - Moody's has placed Kraft Heinz on a credit rating downgrade watch and initiated a comprehensive review of its investment-grade rating due to uncertainties surrounding the company's future capital structure [1][5][6] Group 3: Buffett's Stake and Concerns - Berkshire Hathaway, led by Buffett, holds a 27.5% stake in Kraft Heinz, valued at approximately $8.9 billion, making it the largest shareholder [2][3] - Buffett expressed concerns over the additional $300 million management costs required for the split, doubting its effectiveness in resolving existing issues [3][6] Group 4: Historical Context - The merger of Kraft and Heinz in 2015, which Buffett supported, has seen a significant decline in stock value, with a cumulative drop of 69% since the merger [3][4] - Buffett previously acknowledged regret over the high price paid for the merger, leading to substantial impairment charges in subsequent years [3][5]

Core Viewpoint - Warren Buffett publicly criticized Kraft Heinz for its decision to announce a split without consulting shareholders, expressing disappointment and indicating the possibility of reducing or liquidating his stake in the company [1][3]. Company Overview - Kraft Heinz announced plans to split into two publicly traded companies: one focusing on sauces and the other on grocery products, with projected sales of approximately $15.4 billion and $10.4 billion respectively for 2024 [6]. - The split aims to simplify the business structure and improve brand resource allocation in response to ongoing performance pressures and industry changes [6]. Market Reaction - Since the beginning of the year, Kraft Heinz's stock has declined nearly 9%, significantly underperforming the major U.S. stock indices, with a current market capitalization of $32.3 billion [1]. - Moody's has placed Kraft Heinz on a credit rating downgrade watch and initiated a comprehensive review of its investment-grade rating due to uncertainties surrounding the company's future capital structure following the split [1][7]. Buffett's Stake and Concerns - Berkshire Hathaway, led by Buffett, holds a 27.5% stake in Kraft Heinz, valued at approximately $8.9 billion, making it the largest shareholder [3]. - Buffett expressed dissatisfaction with the additional $300 million management costs expected for the split, questioning the effectiveness of this investment [4]. - He noted that the decision to split reverses the merger he helped facilitate in 2015, which he now regrets as having overpaid for a quality company [4]. Future Implications - The split raises concerns about the strategic direction of Kraft Heinz and its ability to manage its mature brands in a tightening consumer spending environment [7]. - Moody's review will focus on the implementation risks and potential benefits of the split, as well as the new companies' leverage ratios and financial policies [7].

Core Viewpoint - Warren Buffett publicly criticized Kraft Heinz for announcing a split plan without consulting shareholders, expressing disappointment and indicating the possibility of reducing or liquidating his stake in the company [1][4]. Group 1: Company Actions and Market Reactions - Kraft Heinz announced plans to split into two publicly traded companies, one focusing on sauces and the other on grocery products, with the split expected to be completed by the second half of 2026, pending regulatory approval [7][8]. - The company's stock has declined nearly 9% this year, significantly underperforming the major U.S. indices, with a current market capitalization of $32.3 billion [2]. - Moody's has placed Kraft Heinz on a credit rating downgrade watch and initiated a comprehensive review of its investment-grade rating due to uncertainties surrounding the company's future capital structure following the split [1][8]. Group 2: Buffett's Position and Historical Context - Buffett's Berkshire Hathaway holds a 27.5% stake in Kraft Heinz, valued at approximately $8.9 billion, making it the largest shareholder [4]. - Buffett expressed that the split reverses the merger he helped facilitate in 2015, which he now regrets, stating that the initial merger was not a wise decision and that the current split will not resolve existing issues [5][4]. - Since the merger, Kraft Heinz's stock has plummeted by 69%, and Berkshire has recorded significant impairment charges on its investment, totaling $3.8 billion over the years [5].

Core Viewpoint - Kraft Heinz announced its plan to split into two independent publicly traded companies, marking the end of the $46 billion merger led by Warren Buffett ten years ago, aimed at simplifying business structure and enhancing profitability in response to ongoing performance pressures and industry changes [2][4]. Group 1: Split Details - The split will create a "Global Flavor Enhancements Company" focused on sauces, condiments, and ready-to-eat meals, and a North American grocery company centered on brands like Oscar Mayer and Lunchables. The transaction is expected to be completed in the second half of 2026, pending regulatory approval [4][6]. - The split is anticipated to incur approximately $300 million in additional operating costs, but the company commits to maintaining its current dividend levels and aims to preserve its investment-grade credit rating [7]. Group 2: Historical Context - The merger in 2015 aimed to create one of the largest packaged food companies globally, driven by aggressive cost-cutting and scale effects. However, changing consumer preferences towards healthier and natural foods, along with inflationary pressures, have diminished the appeal of Kraft Heinz's traditional product lines [9]. - Since its peak in 2017, Kraft Heinz's market value has shrunk by about 70%. Warren Buffett publicly acknowledged misjudgments regarding the investment, leading to a $3 billion impairment charge in 2019. 3G Capital fully exited its stake in Kraft Heinz in 2023 [9]. Group 3: Industry Trends - The split of Kraft Heinz is part of a broader trend in the global packaged food industry, which is undergoing significant restructuring. For instance, Kellogg separated its cereal and snack businesses in 2023, and Mars announced a $36 billion acquisition of Kellanova in 2024 [10]. - Analysts suggest that traditional food giants are compelled to restructure and focus on high-growth categories to address market pressures, as health consciousness and consumer preferences evolve [10].

Group 1 - Kraft Heinz announced a split into two independent publicly traded companies, "Global Taste Elevation Co." focusing on sauces and ready-to-eat meals, and "North American Grocery Co." concentrating on North American grocery business, expected to be completed in the second half of 2026 [1] - "Global Taste Elevation Co." will have annual sales of approximately $15.4 billion, including key brands like Heinz ketchup and Kraft macaroni and cheese, with a significant presence in the Chinese market [4] - "North American Grocery Co." will have annual sales of about $10.4 billion, featuring grocery items such as Oscar Mayer and Lunchables [4] Group 2 - The Chinese business will be part of "Global Taste Elevation Co." with a focus on sauces, where 60% of sales come from Chinese sauces and 40% from Western sauces, with retail channels accounting for 70% of sales [5] - Industry observers suggest that the split may make both companies attractive acquisition targets, with the condiment business potentially drawing interest from giants like Nestlé and Unilever, while the grocery business may attract retailers like Walmart [8] - Kraft Heinz is one of the largest food and beverage companies globally, headquartered in Chicago, with a diverse product range including sauces, condiments, meat products, dairy, and snacks [8] Group 3 - Kraft Heinz was formed in 2015 through a merger driven by Berkshire Hathaway and 3G Capital, but has seen its stock price decline over 70% since its peak in 2017 [10] - In 2019, Warren Buffett acknowledged mistakes in the investment, and by 2023, 3G Capital fully exited its shareholder position [10]