Kraft Heinz is in the process of splitting up.
Shares of Kraft Heinz sank in after-hours trading Tuesday after the food giant disclosed that Berkshire Hathaway, its largest shareholder, may sell nearly its entire stake.
In a filing late Tuesday with the Securities and Exchange Commission, Kraft Heinz said Berkshire - the company founded by Warren Buffett - could sell up to 325,442,152 of its shares. Berkshire holds 325,634,820 shares - or roughly 27% of the company - according to FactSet.
Kraft Heinz stock (KHC) slid 3.7% in after-hours trading Tuesday. Shares of Berkshire (BRK.A) (BRK.B) were flat after hours.
The food giant is in the process of unraveling its 2015 merger between Kraft Foods and Heinz, as it intends to split into two publicly traded companies. Buffett was a major backer of the deal, and told CNBC in September that he was "disappointed" by the breakup.
This would be the first major move by Berkshire's new CEO Greg Abel, who succeeded the retiring Buffett at the beginning of the year.
Kraft Heinz shares are down about 18% over the past 12 months, and have fallen more than 60% since the 2015 merger.
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