Dive Brief:
- Investor Daniel Loeb and his company Third Point LLC have followed Warren Buffett's lead to acquire an 8.25 million share-stake in Kraft Heinz Co., valued at $582 million as of Sept. 30, per a regulatory filing.
- Buffett and Brazilian private-equity firm 3G Capital Partners, which already owned H.J. Heinz Co., acquired Kraft and merged the companies earlier this year.
- In addition to Kraft Heinz, Third Point also includes Anheuser-Busch InBev, Molson Coors, and Constellation Brands in the top 20 stocks in its portfolio as of Nov. 13.
Dive Insight:
Investments in food companies have been popular among larger investors, such as Warren Buffett, Nelzon Peltz, and Bill Ackman. At the same time, some investors are also abandoning their food industry stocks.
Investments could be key for major food companies looking for ways to invest in top-line growth while employing cost-cutting measures to return to higher sales and profits after seeing them dwindle.