Kraft made 'dumb' deal for Cadbury: Buffett

Warren Buffett's Berkshire Hathaway, which owns over 8% of Kraft, believes the US giant made some 'dumb' calls in its acquisition of Cadbury.

Buffett, dubbed the 'Sage of Omaha', had previously called the acquisition "a bad deal" based on Kraft's share price at the time. Speaking at the Berkshire shareholder meeting, he was more forthright, particutly regarding the sale of Kraft's pizza brands to fund the deal. "Both deals were dumb," Buffett says. "The pizza deal was particularly dumb." Kraft acquired Cadbury in March for about £13.6bn, after a five month pursuit. "I just hated to see them give up a significant portion of those businesses to buy Cadbury," Buffett added. "We expect to do some dumb things, but we ge...