Kraft sold a very fine pizza business to Nestlé for less than its full value. While the headline price was $3.7bn (£2.3bn), the enormously tax-inefficient way in which it was done meant Kraft had made only $2.5bn on the deal.
Kraft had sold the pizza unit at nine times earnings and bought Cadbury at 16 to 17 times, once the reorganisation costs and deal expenses were taken into account.
source: telegraph, warren buffett