巴菲特公开批评后仍选择坚守卡夫亨氏(KHC.US)分拆昭示新时代到来?

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智通财经APP获悉，尽管卡夫亨氏(KHC.US)分拆为两家公司的计划令沃伦·巴菲特感到失望，但伯克希尔哈撒韦(BRK.A.US)在第三季度并未减持任何卡夫亨氏股份。伯克希尔的13F文件显示，该公司仍持有325,634,818股卡夫亨氏股份，约占这家食品巨头总股本的27.5%，仍是其最大股东。今年9月初，卡夫亨氏宣布，其董事会已全票通过一项分拆计划，将通过免税剥离(spin-off)的方式，把公司拆...

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Does the spin-off indicate the arrival of a new era?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"KHC":1.5,"BRK.A":1.5},"content_text":"智通财经APP获悉，尽管卡夫亨氏(KHC.US)分拆为两家公司的计划令沃伦·巴菲特感到失望，但伯克希尔哈撒韦(BRK.A.US)在第三季度并未减持任何卡夫亨氏股份。伯克希尔的13F文件显示，该公司仍持有325,634,818股卡夫亨氏股份，约占这家食品巨头总股本的27.5%，仍是其最大股东。今年9月初，卡夫亨氏宣布，其董事会已全票通过一项分拆计划，将通过免税剥离(spin-off)的方式，把公司拆分为两家独立的公开上市企业。根据公告，拆分后的公司名尚未确定，其中一家“全球风味提升公司”将涵盖现有的调味料和即时餐食业务，包含亨氏调味料、卡夫芝士通心粉等品牌。这部分业务在2024年的销售额接近154亿美元，其中75%来自调味酱、涂抹酱与调味料销售。第二家公司将是“北美主食的规模化组合”，包含热狗品牌Oscar Mayer、卡夫芝士片、即食餐点Lunchables等产品，这部分业务在2024年的净销售额约为104亿美元。此次分拆旨在简化运营流程，让两家新公司能聚焦自身发展目标，实现更高效的资本配置和精简运营，在保留维持竞争力所需规模的同时进一步提升经营业绩。此次分拆预计将于2026年下半年完成。华尔街普遍认为，卡夫亨氏正在进行一场精心计算的博弈，赌定伯克希尔最终将接受此次业务分拆计划。值得一提的是，伯克希尔在今年第二季度对卡夫亨氏的投资确认了约50亿美元的税前减值损失，该损失在第三季度进一步影响了其账面价值。此外，巴菲特于9月在卡夫亨氏宣布分拆计划后极为罕见公开批评后者，称对卡夫亨氏董事会未征求股东意见就宣布分拆计划的决定感到“失望”。巴菲特在非公开电话沟通中提到，他同样失望的是，此次分拆无需经过股东投票表决。巴菲特当时还表示，不排除未来出售卡夫亨氏股份的可能性。华尔街分析师认为，在快速变化的食品行业，分拆后的两家新实体都需要证明其独立运营和维持标志性品牌的能力。摩根士丹利分析师Megan Alexander Clapp指出，卡夫亨氏分拆决策将使新成立的“全球风味提升公司”重新定位为更高增长的企业，加强国际市场和餐饮服务业务占比。她表示：“虽然管理层始终强调优先投资增长潜力更强的品牌，但这些努力被北美零售板块低利润率、更具大宗商品属性品牌的拖累所抵消，从而影响整体销售表现。”该分析师补充称，分拆后，“全球风味提升公司”有望实现长期超过3%的有机销售增长，其中约20%的销售额来自新兴市场、约20%来自餐饮服务，美国业务占比将降至约50%。在市场面临周期性压力与结构性逆风、短期增长受限、估值倍数承压的背景下，远离以美国为中心、受大宗商品影响较大的业务比以往任何时候都更加重要。对华尔街而言，卡夫亨氏格外受到关注离不开巴菲特公开承认“犯错误”的缘故。2019年时，巴菲特就承认自己在卡夫亨氏这笔投资上犯了很多错误，包括为并购该公司给出过高的报价。巴菲特与卡夫亨氏的缘分始于2013年。当时伯克希尔哈撒韦与巴西私募3G Capital合作私有化亨氏公司，交易总价值达到280亿美元。2015年，巴菲特与3G又推动亨氏与卡夫合并。合并后的卡夫亨氏成为当时全球第五大食品饮料公司，仅次于雀巢、百事、可口可乐和联合利华。卡夫亨氏在合并后的高光表现仅持续了两年。巴菲特等投资人很快就发现，随着消费者寻求更健康的食品选择，这家公司的许多品牌已经跟不上需求变化。2023年，巴菲特的合作伙伴3G已悄然出售了所有的卡夫亨氏持仓。数据显示，卡夫亨氏今年以来股价已下跌近16%，该股股价距2017年的高点65.87美元已跌去超62%。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"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,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","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/2584263276","isCrawlerRequest":true}

巴菲特公开批评后仍选择坚守 卡夫亨氏(KHC.US)分拆昭示新时代到来?

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巴菲特公开批评后仍选择坚守卡夫亨氏(KHC.US)分拆昭示新时代到来?