巴菲特世纪合并十年后却“分家”，传卡夫亨氏接近分拆

智通财经2025-08-30

卡夫亨氏公司(KHC.US)正接近敲定一项拆分计划，拟将这家美国大型食品饮料企业拆分为两家独立实体，相关公告或于下周发布。消息人士透露，这家食品巨头计划将旗下杂货业务(涵盖卡夫通心粉奶酪、维维塔奶酪、吉露果冻、酷儿饮料等产品)拆分出来，该实体估值约为200亿美元;剩余业务则聚焦番茄酱、调味酱等增长更快的品类，将组建为规模更小的独立公司。此次拆分本质上是对2015年卡夫食品集团(Kraft ...

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Heinz Company)合并交易的“逆转”，而正是当年的合并造就了这家美国第三大食品饮料企业。2015年的合并交易由沃伦·巴菲特旗下的伯克希尔·哈撒韦公司与3G资本联合推动。根据当时协议，卡夫股东持有合并后公司49%股份，亨氏股东持有51%股份;卡夫股东除获得合并后公司股票外，还获得每股16.50美元的特别现金股息，这笔股息全部由亨氏股东(伯克希尔·哈撒韦与3G资本)以股权出资方式承担。合并之初，两家公司合计营收约280亿美元，而这一数字后续逐步萎缩至63.5亿美元。巴菲特在合并时曾表示，“能参与推动这两家优秀企业及其标志性品牌的合并，我感到十分高兴。这正是我青睐的交易类型——联合两家世界级机构，为股东创造价值。我对这家新合并企业未来的发展机遇充满期待。”为提振利润，新成立的卡夫亨氏公司随即启动成本削减计划，并展开收购狂潮，其中包括2017年试图以1430亿美元收购联合利华(UL.US)却以失败告终的交易。然而，就在公司忙于削减成本、寻求收购之际，却未能察觉消费者口味已转向更健康的食品选择。随着市场对加工奶酪、热狗等产品的需求下滑，公司销售额承压，最终不得不承认旗下卡夫与奥斯卡·梅耶品牌的估值远低于预期，并计提了150亿美元的资产减值损失。此外，时任首席执行官贝尔纳多·赫斯(Bernardo Hess)也承认，零基预算法(即每个预算周期的所有支出都需从零开始论证合理性)实施失败。赫斯在2019年表示，“我们此前对成本节约效果过于乐观，这些预期最终并未实现。”在一系列困境中，卡夫亨氏股价持续下跌。2017年股价触及峰值后，截至合并后的十年间，其股价累计跌幅达61%，而同期标普500指数涨幅高达237%。这一表现迫使伯克希尔·哈撒韦对其持有的27.4%卡夫亨氏股份再次计提减值，继2019年减值30亿美元后，此次又减值38亿美元。受生产成本上升拖累，卡夫亨氏的盈利能力也不断下滑，到2025年已陷入亏损。在几乎无其他出路的情况下，公司如今考虑通过拆分解困，但这一策略恐难挽救这家陷入困境的食品饮料企业。投资平台Seeking Alpha分析师艾伦·加莱茨基(Alan Galecki)表示，“我看不出拆分能带来任何价值提升，”“我担心最终会出现两家‘病弱’的公司。”另一分析师团队TQP Research补充道：“拟议的分拆计划要求两家独立实体均实现强劲的损益增长，但实证表明，卡夫亨氏的分拆不太可能为股东创造新价值。”华尔街似乎也持类似观点。自上月拆分传闻首次传出以来，卡夫亨氏股价仅上涨3%。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2563500190","isCrawlerRequest":true}