Warren Buffett said
and 3G Capital overpaid in 2015 when they helped Heinz to buy Kraft to form
but he has no plans to sell.
The confirmation, made during a CNBC interview Monday, followed a disclosure Saturday that Kraft Heinz contributed a $ 2.7 billion loss to Berkshire Hathaway in 201
Mr. Buffett's Berkshire Hathaway owns 27% of Kraft Heinz.
"The interesting thing about Kraft Heinz is that it is still a fantastic company," Buffett said. But "business doesn't make any more because you pay more for it."
In 2013, Berkshire and the Brazilian private equity firm 3G Capital collaborated to buy Heinz and then funded Heinz's 2015 merger with Kraft. Mr Buffett at CNBC said that Berkshire Hathaway does not intend to change its stake in Kraft Heinz despite the fighting.
"We're not pulling the plug … It's not our style," he said.
But he said he would not buy more Kraft Heinz, even after stock prices fell last week, because "it's not so much worth."
Herr. Buffett told CNBC that Kraft Heinz's last match was the result of loss of negotiating power with dealers and he compared Kraft Heinz to
Kirkland brand to demonstrate how the retail environment is changing. Kraft Heinz traces many of its brands back to the 19th century, while Kirkland launched in recent decades. But Kirkland's sales exceed Kraft Heinz last year, he said.
"So here's the 100 years plus tons of advertising, built into people's habits and everything else, and now Kirkland, comes a private brand with only 750 outlets, making 50% more business, Mr. Buffett says.  Berkshire Hathaway Inc. owns about 1% of Costco, according to FactSet.
Mr Buffett, a long-time Democrat, also said he would support Michael Bloomberg if he announced a presidential battle. 2016. By Mr. Bloomberg, Mr. Buffett said, "I think he knows how to run things … He understands people, he understands the market system and understands people's problems" who do not take advantage of the market system.
Mr Buffett said that it would be a mistake for Howard Schultz to run as an independent candidate, because he would vote away from a democratic candidate.
"I hope no third-party candidate goes," he said.
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