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Shares in Kraft Heinz to plunge on news of US probe, loss

FOX News

LONDON – Shares in Kraft Heinz are expected to plunge when markets open Friday after the consumer goods company said it was being investigated by U.S. regulators and it reported a massive loss. Kraft Heinz said it received a subpoena in October from the U.S. Securities and Exchange Commission related to an investigation of its procurement operations, which cover deals a company makes with outside suppliers. It said it's cooperating with authorities. The probe was disclosed in the earnings report Thursday, in which it reported a massive $12.6 billion loss for the fourth quarter, compared with an $8 billion profit a year earlier. The loss was largely due to a $15.4 billion writedown on the value of its Kraft and Oscar Mayer trademarks.

Kraft Heinz Withdraws $143B Bid to Buy Unilever

U.S. News

The deal would have brought together Kraft Heinz brands such as Oscar Mayer, Jell-O and Velveeta and Unilever's Hellman's, Lipton and Knorr. The combined company would have rivaled Nestle as the world's biggest packaged food maker by sales.

Unilever Shares Slide After Kraft Heinz Withdraws $143B Bid

U.S. News

FILE - At left, in a March 25, 2015, file photo, a Heinz ketchup sign is shown on the side of the Senator John Heinz History Center in Pittsburgh. At right, also in a March 25, 2015, file photo, the Kraft logo appears outside of their headquarters in Northfield, Ill. U.S. food giant Kraft Heinz Co. is confirming that it's made an offer to buy Europe's Unilever and been rejected. The company said Friday, Feb. 17, 2017, that talks are ongoing with the Dutch company, but that no deal can be assured.

Oscar Mayer Equipment From Wisconsin Facility up for Sale

U.S. News

Parent company Kraft Heinz closed the Madison facility in June as part of a corporate restructuring that resulted from the 2015 merger of Kraft Foods Group and H.J. Heinz Co. About a third of the facility's equipment was taken to other Kraft Heinz factories. Reich and Rabin purchased the remaining equipment in October.