Billionaire investor Warren Buffett on Wednesday came out against Kraft Foods Inc proposed $19.6 billion acquisition of Cadbury Plc .

I've got a lot of doubts about the deal, Buffett, whose Berkshire Hathaway is Kraft's largest shareholder, said in an interview on CNBC. If I had a chance to vote on this, I'd vote no.

Aside from the price Kraft would pay for Cadbury, Buffett also questioned Kraft selling its pizza business to Nestle SA in a move that raised cash for the Cadbury deal.

I feel poorer, Buffett said of the deals.

Buffett said Kraft shares are undervalued.

Kraft shares fell 3 percent to $28.54 in premarket trading after Buffett's comments.

(Reporting by Brad Dorfman, editing by Gerald E. McCormick)