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Jell-O is among Kraft Heinz’s brands.
Kraft Heinz is planning a break-up, according to a report, a move that could undo a massive merger just a decade old.
The company is one of the world’s leading food makers, known for brands like Philadelphia cream cheese, Cool Whip, Maxwell House coffee and Stove Top stuffing. It could spin off part of its grocery business, The Wall Street Journal wrote Friday, citing people familiar with the matter, with a move possible within weeks.
Shares of Kraft Heinz (KHC), which were down more than 11% this year through Thursday’s close above $26, were recently up nearly 2%. The company’s market value is above $31 billion, according to Visible Alpha data.
The company said in May that deals were on the table.
Wall Street analysts have an average price target of near $28 on Kraft Heinz stock, according to Visible Alpha.
Today’s news follows another big food deal from earlier in the week. WK Kellogg (KLG) on Thursday said it agreed to be acquired by Italian sweets company The Ferrero Group,.
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