1.
U.S. markets recover from steep losses
CHICAGO, Nov. 16 (UPI) -- Kraft Foods has agreed to sell its Post cereals business to Ralcorp Holdings in a $2.6 billion merger deal, it was reported Friday.
Irene Rosenfeld, the Kraft chairman and chief executive officer, called the accord, expected to be completed in 2008, "a transaction where everyone wins -- Kraft, Ralcorp, our respective shareholders and employees," the Chicago Tribune said.
The agreement is said to call for Kraft to merge its Post operation into Ralcorp, with Kraft stockholders getting a 54 percent ownership stake in the combined company.
Kraft, based in Northfield, Ill., reportedly had sought for months to divest the relatively low-profit margin Post segment. Ralcorp, headquartered in St. Louis, makes "private-label" cereals that grocery chains sell as in-house brands.
Crain's Chicago Business said Rosenfeld had been urged over the past year to sell off brands that don't fit within the company's main cheese, meat, convenience meals and snack businesses.
|
|
|
|
|
|
| Additional Business News Stories | |
CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
|
ORLANDO, Fla., May 23 (UPI) --
The U.S. Air Force has added Lockheed Martin to its list of companies for support of its medical services worldwide.
|
The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
|
What if Europe turned out to be the new Japan?
|
| Stories | Photos | People | Comments |
View Caption
