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Kraft Heinz shares fall after key investor dumps holdings

September 17, 2019
FILE- This Feb. 21, 2018, file photo shows a display of Heinz Ketchup on display in a market in Pittsburgh. Kraft Heinz Co. shares are sliding on Tuesday, Sept. 17, 2019, after one of the company’s top investors sold 25 million shares. (AP Photo/Gene J. Puskar, File)
FILE- This Feb. 21, 2018, file photo shows a display of Heinz Ketchup on display in a market in Pittsburgh. Kraft Heinz Co. shares are sliding on Tuesday, Sept. 17, 2019, after one of the company’s top investors sold 25 million shares. (AP Photo/Gene J. Puskar, File)

NEW YORK (AP) — Kraft Heinz Co. shares are sliding after one of the company’s top investors sold 25 million shares.

3G Capital — a Brazilian private equity firm — reduced its stake in the company by 9%. 3G remains the company’s second-largest shareholder.

3G partnered with Berkshire Hathaway Inc. to combine Kraft and Heinz in 2015.

But the maker of Heinz ketchup, Jell-O and Velveeta cheese has struggled with competition from store brands and consumers’ migration to healthier, less-processed foods. Berkshire chief Warren Buffett has said his firm overpaid for Kraft.

Earlier this year, the company slashed the value of its Oscar Meyer and Kraft brands by $15.4 billion. It also restated financial results after an investigation by the U.S. Securities and Exchange Commission.

Kraft Heinz shares fell 4% to $28.43 in morning trading.