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Mondelez wraps up Kraft grocery spin-off
October 2nd, 2012
NORTHFIELD, Ill. – Mondelez International Inc., formerly Kraft Foods Inc., has completed the spin-off of its North American grocery business, Kraft Foods Group, Inc.
The company said late Monday that it finished the spin-off by distributing all outstanding shares of Kraft Foods Group common stock that it owned to its shareholders of record as of the close of business on Sept. 19. The distribution was based on a distribution ratio of one share of Kraft Foods Group common stock for every three shares of Mondelez International common stock.
With the spin-off, Kraft Foods Inc. changed its name to Mondelez International.
On Tuesday, Mondelez began trading on the Nasdaq Global Select Market under the ticker symbol MDLZ, and Kraft Foods Group started trading on the same exchange under the ticker symbol KRFT. The ticker symbol "KFT" has been retired.
Kraft announced in August 2011 that its board planned to create two independent public companies: a global snacks business with revenue of about $31 billion, and a North American grocery business with sales of about $17 billion.
In May, shareholders approved the name Mondelez International for the snacks business, with the grocery company retaining the Kraft brand as Kraft Foods Group.
Mondelez's snack and food products cover the chocolate, biscuits, gum, candy, coffee and powdered beverage categories. Its portfolio includes several billion-dollar brands, such as Cadbury and Milka chocolate, Jacobs coffee, LU, Nabisco and Oreo biscuits, Tang powdered beverages and Trident gum. Mondelez International has annual revenue of approximately $36 billion and operations in more than 80 countries.