Kraft Sells Pizza Brands For $3.7B To Aid Cadbury Bid

Law360, New York (January 5, 2010, 1:51 PM EST) -- Kraft Foods Inc. announced Tuesday that it will sell its frozen pizza brands to Nestle USA to help in Kraft's unsolicited $16 billion takeover bid of Cadbury PLC, while Berkshire Hathaway Inc. — Kraft's largest shareholder — said it opposed a plan to issue more Kraft shares to finance the Cadbury deal.

Kraft and Nestle said in separate statements Tuesday that Nestle would pay $3.7 billion for Kraft's frozen pizza business, which includes the DiGiorno, Tombstone, California Pizza Kitchen, Jack’s and Delissio brands.

At the same...
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