NEW YORK – Warren Buffett’s Berkshire Hathaway Inc. has reportedly bought a stake of less than 5 percent in Kraft Foods Inc., according to The Wall Street Journal, joining Carl Icahn and Nelson Peltz as investors in the food giant.
Buffett has a track record of betting on companies that have strong brands and are comeback stories, Reuters stated. So his investment in Kraft could signal a vote of confidence that the company’s management is on the right track with its plan to restructure the company, the news source speculated.
Kraft shares closed at $34.84 Wednesday on the New York Stock Exchange.
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