Cravath Reps Kraft Foods In Snacks, Grocery Split

Law360, New York (August 4, 2011, 1:53 PM EDT) -- Kraft Foods Inc. announced Thursday it would split into two units, one focused on independent global snacks and the other on its North American grocery business, in order to best grow those divisions.

The food giant expects the high-growth global snacks business to have about $32 billion in revenue and the high-margin grocery business to have sales of about $16 billion, according to the announcement. The deal would take place through a tax-free spinoff of the grocery business to shareholders.

Kraft's share price was up 2.5...
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