When Warren Buffett, a venerable investor, and 3G Capital, a private-equity firm, merged Kraft and Heinz in 2015 to create a packaged-food heavyweight, consumers’ appetite for its colourful condiments, sugary snacks and processed cheeses seemed insatiable. The deal now looks to have been a big fat flop. Kraft Heinz’s market value, at $32bn, is down by three-fifths since the tie-up. The company expects its operating profit to fall by 5-10% this year. It is now said to be exploring a break-up.
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