Kraft Heinz to split into two listed companies, shares fall

Shares of packaged food maker Kraft Heinz KHC.O down 4.6% at $26.68

Co announces split into two separately listed companies, one focused on groceries and the other on sauces and spreads

The split will help "allocate the right level of attention and resources to unlock the potential of each brand," says Miguel Patricio, executive chair of the Kraft Heinz board

Tuesday's announcement undoes the $45 billion merger between Kraft and Heinz brands in 2015, which was backed by Berkshire Hathaway and 3G Capital

Berkshire Hathaway Chairman Warren Buffett told CNBC on Tuesday he was "disappointed" in the split

KHC expects the split to cost up to $300 million but anticipates reducing much of that expense in the near term

Up to last close, KHC stock down 9% YTD