Berkshire Hathaway Inc.’s BRK.A, -2.63% BRK.B, -2.65% Warren Buffett repeated numerous times on Saturday that he overpaid in a 2015 deal with 3G Capital that formed Kraft Heinz. However, he said that Berkshire remains partners with the Brazilian-American multibillion-dollar investment firm. Buffett said “and it is not at all inconceivable that we could be partners in some other transaction in the future.” Kraft has undergone a yearslong cost-cutting drive which has undermined the value of some of its best-known brands such as Oscar Mayer and Kraft cheese, as eating habits shifted. Buffett previously said he overpaid for Kraft in the deal but had no plans to sell. “We paid a very high price in terms of the Kraft part,” he said during the shareholder meeting. Shares of Kraft-Heinz KHC, +0.38% are down 24.3% so far this year, compared with the S&P 500 index’s SPX, -0.88% 17.5% year-to-date return and a 13.6% gain for the Dow Jones Industrial Average DJIA, -0.80% Berkshire shares, meanwhile, are up more than 7% over the same period. Ahead of the official start of the Berkshire shareholder meeting, Buffett said a dispute between Kraft Heinz and its auditor prevented Berkshire from reflecting the food company’s performance in its first-quarter earnings report.
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