Berkshire Hathaway Reduces Stake in Kraft

Investment conglomerate Berkshire Hathaway has reduced its stake in Kraft Foods by 23% after the company acquired Cadbury in January and sold a frozen pizza business.

Berkshire owned 106.73 million Kraft shares worth $3.23bn as of 31 March, down 31.54 million shares from 138.27 million three months earlier, filings with the US Securities and Exchange Commission showed.

The company now owns a 6.1% stake having once owned 9.4% of Kraft’s shares, making it the largest shareholder.

Berkshire Hathaway owner Warren Buffet described the price Kraft paid for Cadbury as “fancy” during the annual shareholders meeting.