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3G Capital cuts stake in Kraft Heinz

The Kraft Heinz Co.'s second-largest shareholder 3G Capital Inc. on Sept. 16 sold $712.9 million worth of shares in the company.

According to an SEC filing, 3G Global Food Holdings offloaded 25,068,657 shares of Kraft Heinz at an average price of $28.44 per share.

Following the sale, the private equity firm now owns 20.10% of the Pennsylvania-based company, down from 22.14%.

3G Capital reduced its shareholding by about 9% to 245,028,716 shares from 270,097,373 shares held prior to the transaction.

Meanwhile, 3G Capital co-founder Jorge Lemann bought 3,496,503 Kraft Heinz shares worth of about $100 million. The shares were purchased at an average price of $28.6 apiece.

The transaction raised Lemann's shareholding in Kraft Heinz to 3,516,449 shares, representing a 0.29% stake.

3G Capital's sell-off comes at a time when Kraft Heinz is struggling to see a better year-on-year performance in the second half of the year versus the first half. In August, Kraft Heinz wrote down the value of several underperforming business units by $1.22 billion after the company took a $15.44 billion write-down earlier this year.

Warren Buffett's Berkshire Hathaway Inc. is the largest shareholder of Kraft Heinz with 26.69% stake, according to S&P Global Market Intelligence.

Shares of the food company fell 4.25% to $28.32 on Sept. 17.