Monday, May 08, 2017

They said it...

Warren Buffett has defended the Brazilian buyout house with which he attempted to take over Unilever, by saying 3G was only following a “standard capitalist” stance to doing business by slashing costs and cutting staff.

Buffett’s investment group Berkshire Hathaway and 3G, backed by the Brazilian billionaire Jorge Lemann, own 51% of Kraft Heinz, which made a £115bn approach to household groups company Unilever in February. The Brazilian buyout house is well known for its approach to cutting costs. “They have followed the standard capitalist formula ... of trying to do the same business with fewer people,” Buffett said. 

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