Mondelez Completes Spinoff of North American Grocery Business
Former Kraft Foods snack powerhouse begins trading as MDLZ Oct. 2
Published in CSP Daily News
NORTHFIELD, Ill. -- Mondelez International Inc., formerly Kraft Foods Inc., has announced that it has completed the previously announced spinoff of its North American grocery business, Kraft Foods Group Inc.
At 5:00 p.m. EDT on Oct. 1, 2012, Mondelez completed the spinoff by distributing all outstanding shares of Kraft Foods Group common stock that it owned ratably to its shareholders of record as of the close of business on Sept. 19, 2012. The distribution was based on a distribution ratio of one share of Kraft Foods Group common stock for every three shares of Mondelez International common stock.
Concurrent with the spinoff, Kraft Foods Inc. changed its name to Mondelez International Inc. Starting October 2, Mondelez will trade on the NASDAQ Global Select Market under the ticker symbol "MDLZ," and Kraft Foods Group will trade on the NASDAQ Global Select Market under the ticker symbol "KRFT." The ticker symbol "KFT" has been retired.
Mondelez will file its separation agreements with Kraft Foods Group and certain pro forma financial information with the U.S. Securities & Exchange Commission (SEC).
Northfield, Ill.-based Mondelez is a world leader in chocolate, biscuits, gum, candy, coffee and powdered beverages. The company comprises the global snacking and food brands of the former Kraft Foods Inc. following the spinoff of its North American grocery operations in October 2012. Mondelez's portfolio includes several billion-dollar brands such as Cadbury and Milka chocolate, Jacobs coffee, LU, Nabisco and Oreo biscuits, Tang powdered beverages and Trident gum. It has annual revenue of approximately $36 billion and operations in more than 80 countries.