Tobacco giant Altria Group provided further details of its plans to spin off Kraft Foods yesterday (20 March), revealing that stakeholders will receive 0.69 shares in the US’s largest food group for each Altria share held.
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Altria holds an 88.9% stake in Kraft, which it acquired in 1988 for US$12.9bn in an attempt to diversify its business interests. The company will distribute all of its shares on 30 March, completing the long-awaited spin-off of Kraft.
When the market closed yesterday, shares of Kraft were up 2%, or 58 cents, to $31.48 on the New York Stock Exchange. Shares of Altria increased by 61 cents, to $85.83.
