Chris Hughes, Columnist

Kraft Heinz Split Can’t Undo 10 Years of Missed Opportunities

The unwinding of the merger shows the limits of just moving assets around the corporate plate.

September 2, 2025 at 5:23 PM UTC

Chris Hughes is a Bloomberg Opinion columnist covering deals. Previously, he worked for Reuters Breakingviews, the Financial Times and the Independent newspaper.

Processed food is processed food, whatever the legal wrapper.
Photographer: Michael Nagle/Bloomberg

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The aftertaste of bad dealmaking is long lasting.

While it makes sense to unwind the merger that created Kraft Heinz Co. — as the company is doing through a split announced Tuesday — investors should be realistic about what going back to square one (and a bit) achieves.