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Kraft Heinz, the food giant that resulted from a 2015 merger backed by major shareholder Warren Buffet, hit a record low on Friday after a confluence of bad news left a bad taste in investors’ mouths and the shares plummeted 27%.

More than $16bn was wiped from the company’s valuation after it announced a serious profits miss, a $15.4bn writedown on its Kraft and Oscar Mayer brands and it was also subpoenaed by the SEC over its procurement practices.

While Kraft’s tired array of packaged goods is seen as at risk of becoming redundant or succumbing to competition from Amazon, investors are growing inpatient for another big acquisition. Since its $143bn bid for Unilever was rebuffed in 2017, its shares have lost around half their value.