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Kraft Heinz Faces Existential Crisis After $16 Billion Rout
- 3G’s usual cost-cutting tricks don’t work without a fresh deal
- Buffett-backed food giant may have even harder path to M&A now
Photographer: David Paul Morris/Bloomberg
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Kraft Heinz Co. might need a new recipe.
The packaged food giant reported a troika of bad news on Thursday -- profit that missed estimates, a $15.4 billion writedown on assets and an SEC subpoena -- that sent its shares plummeting 27 percent to a record low on Friday, a plunge that wiped out more than $16 billion in market value.