Altria Group has distributed the 88.9% of outstanding shares in Kraft it owned to Altria shareholders of record as of 5:00pm ET on 16 March, 2007, completing the long-awaited spin-off of the US food company.
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Tobacco group Altria acquired Kraft in 1988 for US$12.9bn in an attempt to diversify its business interests.
The spin-off sees Altria shareholders receive 0.692024 of a share of Kraft for each share of Altria common stock held as of the record date. Altria shareholders will receive cash in lieu of fractional shares for amounts of less than one Kraft share.
