Mondelez Jumps on Report of Possible Kraft Heinz Takeoverby
Mondelez International Inc. jumped in extended trading on a report that the global snack giant may be acquired by Kraft Heinz Co., the food company backed by Warren Buffett’s Berkshire Hathaway Inc. and Jorge Paulo Lemann’s 3G Capital.
Mondelez surged 9.7 percent to $47 at 4:27 p.m. in New York. Kraft Heinz advanced 1.9 percent. The magazine Bilanz reported on the possible takeover, citing a person it didn’t identify.
Berkshire and 3G have been expanding in the food industry, taking ketchup maker H.J. Heinz private in 2013 and then merging it with Kraft Foods Group Inc. last year. The combined company has gained in market value as 3G slashed costs by cutting jobs and shutting factories. Mondelez, the maker of Oreo cookies, was previously part of Kraft, and the companies split in 2012.
Buffett and Kraft Heinz didn’t immediately respond to messages seeking comment. Michael Mitchell, a spokesman for Mondelez, declined to comment.