Kraft Heinz, globally recognized for producing Philadelphia cream cheese, Cool Whip, Maxwell House coffee, and Stove Top stuffing, has been reported to be mulling over a split. This move could reverse the massive merger from the past decade. The company might spin off portions of its grocery segment, as detailed in a recent article by The Wall Street Journal, citing sources privy to the matter. A transition could surface in the coming weeks.
Kraft Heinz (KHC) shares, which dipped over 11% this year till Thursday's close near the $26 mark, observed nearly a 2% rise recently. The market value of the company is currently above $31 billion, as per data from Visible Alpha.
As of May, Kraft Heinz publicly acknowledged that they were considering multiple deals. Financial experts on Wall Street peg the average price target of the Kraft Heinz stock near $28, based on information from Visible Alpha.
This recent reveal comes in the wake of another important food sector transaction earlier this week. WK Kellogg (KLG) on Thursday announced its agreement to be taken over by The Ferrero Group, a renowned Italian confectionery firm.