Berkshire Shares Dip 3.4% After $3.8 Billion Kraft Heinz Hit
Inflation and a shift away from packaged foods have taken a toll on Kraft Heinz Co.
Photographer: Michael Nagle/BloombergShares of Warren Buffett’s Berkshire Hathaway Inc. dropped as much as 3.4% on Monday after the conglomerate revealed a multibillion-dollar writedown in its second-quarter results and opted to forgo buybacks.
The Omaha-based company took a $3.8 billion impairment charge related to its investment in Kraft Heinz Co., the firm said in a statement Saturday, a rare disappointment for the 94-year-old billionaire. The carrying value of Berkshire’s stake in the consumer goods giant was written down to $8.4 billion, from more than $17 billion at the end of 2017.