Ever since Warren Buffett and PE firm 3G capital teamed up to buy Heinz in June 2013 and Buffett hinted at a sequel, speculation has been running high about which food company may be next.
A few recurring names that surface as likely candidates are Campbell Soup, Kellogg, and Mondelez.
While Kellogg is struggling with declining cereal consumption, which accounts for 30 percent of its sales, analysts say there's potential for this company to pivot, cut costs and spend its way to growth. That may require either Kellogg buying another company or selling itself.
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On the question of the next Berkshire/3G deal, ConsumerEdge Research analysts said, "Kellogg is a more probable candidate than Campbell Soup as it has a more attractive portfolio than Campbell, which is facing greater secular headwinds on its core soup category, and has more attractive international presence, via its global Pringles business."
"But an even more attractive candidate for Berkshire/3G could be Mondelez, given its attractive international footprint, attractive category growth and cost-cutting opportunities. "
Mondelez gets about 80 percent of its sales outside North America.
"It boils down to both Kellogg and Mondelez having solid international exposure, strong brands and operating margins well below other food companies," said Brian Yarbrough, an analyst at Edward Jones. "I see an opportunity for 3G to institute some of their operating principles that would take out excess costs and capacity, which should lead to much higher earnings power at both companies."
—By CNBC's Sara Eisen