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During the 2010 Berkshire Annual Meeting, Buffett once again railed on a specific portion of the Kraft-Cadbury deal that still appears to irk him - Kraft selling its frozen pizza business to Nestle.

Buffett pointed our that while Kraft claims that they sold the business for $3.7B - they really only got $2.5B due to a very tax inefficient sale. He pointed out that Kraft completed a much more efficient sale when they sold Post Cereal to RalCorp.

Buffett pointed out that the frozen pizza business had approximately $340M pre-tax earnings in 2009 and was growing at a nice clip. Why sell for only $2.5B?

Clearly he hated to see it go. I don't see him letting it go any time soon.

Additional sources on the deal:

Why Did Kraft Sell Frozen-Pizza Cash Cow to Nestle? 

Kraft trading pizza for chocolate

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