Once H.J. Heinz Co., the ketchup maker owned by private equity firm 3G Capital and Berkshire Hathaway Inc. (BRK-A), completes its $55 billion cash and stock merger with Kraft Foods Group Inc. (KRFT), the latter's Oscar Mayer brand could be among its various divestitures. Before the deal announcement Chicago-based Kraft was contemplating a number of moves, including jettisoning the more challenged brands within its struggling food empire. Industry watchers have believed for months that Kraft was inclined to sell brands such as Stove Top stuffing and Shake 'n Bake coatings, as well as A.1. Steak Sauce and Grey Poupon mustard. But one person familiar with the situation said potential divestitures are not limited to just those brands. This person went so far as to suggest that Kraft's most prized business -- its Oscar Mayer refrigerated meats business -- is not safe from the auction block. While the notion might sound far-fetched, it does make a certain amount of sense, especially given the premium the meats operation would likely fetch. Proceeds from such a deal, stock or cash, could be used either to further enrich Omaha-based Berkshire Hathaway and 3G Capital or pay down the new company's $28 billion debt pile, depending on the transaction's structure. And a lofty valuation for Oscar Mayer would make the pricey deal for the whole of Kraft more digestible. But Heinz wouldn't really sell such an iconic American brand, would it?

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