Kraft pays $1.1B for British cookie maker

July 10, 2006 at 8:34 AM

LONDON, July 10 (UPI) -- Kraft Foods Inc. will spend about $1.1 billion to buy Britain's iconic United Biscuits, a noted maker of cookies.

The non-cash deal includes debt assumption, the Financial Times reported Monday. Kraft, the world's second-largest food maker, owns such brands as Maxwell House coffee and Oscar Mayer meats.

The big acquisition comes just days after Kraft's board ousted Chief Executive Officer Roger Deromedi and replaced him with Irene B. Rosenfeld.

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