That, at least, is the conclusion of a pair of institutional shareholders in Berkshire Hathaway, who believe more food and consumer deals may be on Buffett's plate, along with possible acquisitions of companies outside the U.S.
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"I wouldn't be surprised, personally, to see more food industry acquisitions, in part because there are scale advantages, in part because there's an enormous amount of wasted effort amongst companies in the industry," said Tom Russo, a partner at money manager Gardner Russo & Gardner in Lancaster, Pa.
Berkshire recently struck a deal with Brazilian private-equity firm 3G to buy Kraft Foods for $40 billion and merge it with Heinz, which Berkshire and 3G bought together in 2013. 3G is best known for food-industry acquisitions, having also bought Burger King (BKW) and Tim Hortons (THI) in recent years.
"The market is full of (food companies) that are poorly run, and they have a structure in place, partnership with the firm 3G, that can allow for more businesses to be melded into the platform that exists now already," Russo said. He declined to give examples of companies he thinks are badly managed.
Campbell Soup (CPB) and ConAgra Foods (CAG) have been underperforming and are viewed as being out of step with changing consumer tastes.