NEW YORK (AP) — Kraft Heinz Co. shares are sliding after one of the company's top investors sold 25 million shares. 3G Capital — a Brazilian private equity firm — reduced its stake in the company by nine percent. 3G remains the company's second-largest shareholder.
3G partnered with Berkshire Hathaway Inc. to combine Kraft and Heinz in 2015. But the maker of Heinz ketchup, Jell-O and Velveeta cheese has struggled with competition from store brands and consumers' migration to healthier, less-processed foods. Berkshire chief Warren Buffett has said his firm overpaid for Kraft.
Earlier this year, the company slashed the value of its Oscar Meyer and Kraft brands by $15.4 billion. It also restated financial results after an investigation by the U.S. Securities and Exchange Commission.
Kraft Heinz shares fell 4% to $28.43 in morning trading.