OMAHA, Neb. (AP) — Billionaire Warren Buffett’s Berkshire Hathaway Inc. says it voted against food maker Kraft Inc.’s proposal to issue 370 million shares to finance its bid for British candy maker Cadbury PLC.
Kraft has offered $16.5 billion in cash and stock for Cadbury, which has rejected the offer.
Berkshire Hathaway owns about 138.3 million, or 9.4 percent, of Kraft’s shares. It says it is Kraft’s largest shareholder.
Kraft on Tuesday increased cash part its $16.5 billion offer for Cadbury after agreeing to sell its North American pizza business to Nestle.
Kraft has until Jan. 19 to revise its offer. Berkshire says it will vote to issue shares only if it does not think the final offer hurts value for Kraft shareholders.