Kraft Heinz's struggles since the 2015 merger, including brand write-downs and declining sales, have eroded shareholder value. Learn more about KHC stock here.

Kraft Heinz is preparing to break itself up, a decade after an infamous merger of two of the biggest names in packaged foods that was orchestrated by Warren Buffett and Brazilian private-equity firm 3G Capital Partners.

Kraft Heinz is looking to spin off a large chunk of its grocery business, including many Kraft products, into a new entity that could be valued at as much as $20 billion on its own, the Wall Street Journal reported on Friday.