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Kraft pays $1.1B for British cookie maker

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.

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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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