Altria completes Kraft spin-off
April 02, 2007
by Keith Nunes
NEW YORK – Altria Group, Inc. completed the spin-off of Kraft Foods, Inc. this past Friday. The company made approximately 88.9% of Kraft’s outstanding shares owned by Altria available to company shareholders of record on March 16. Altria shareholders received 0.692024 of a share of Kraft for each share of Altria common stock held.
With the spin-off complete, Irene Rosenfeld assumed the position of chairman of Kraft, replacing Louis Camilleri, chairman and chief executive officer of Altria, who will continue to serve on Kraft’s board of directors.
"Our board, executive team and 90,000 employees are energized and eager to write this next chapter in Kraft’s history," said Ms. Rosenfeld. "As a fully independent company, we’ll have more opportunity to fulfill the potential of our great brands and great company. We’re confident we have the right plans in place to deliver attractive returns to our shareholders."