SOURCE: Industrial Info Resources

Industrial Info Resources

January 07, 2010 05:15 ET

Kraft Foods Sells Pizza Business, Focuses on Global Expansion, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - January 7, 2010) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Kraft Foods Incorporated (NYSE:KFT) (Northfield, Illinois) announced plans to sell its frozen pizza business to Nestle SA (PINKSHEETS:NSRGY) (Vevey, Switzerland) for $3.7 billion, leaving the company in a better position to improve its takeover offer of Cadbury plc (NYSE:CBY) (Uxbridge, England). Cadbury rejected Kraft's previous $16.7 billion bid, claiming it undervalued the company, according to some estimates by as much as 43%.

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