November 29, 1988 |
Philip Morris Cos.' path to becoming the world's largest consumer products company appeared clear Monday as federal officials declined to raise antitrust objections to its $12.6-billion purchase of Kraft Inc. The tobacco and food giant's lone remaining hurdle is evidently obtaining sufficient shares under terms of its $106-a-share tender offer, which it reaffirmed would expire at 5 p.m. EST Friday. The company said that about 49.8% of Kraft's estimated 119.
October 20, 2003 |
It's enough to make the Cookie Monster cry. Shouts of "Cookies! Cookies!" by the "Sesame Street" TV show character may be falling on deaf ears as concerns over bulging waistlines find more Americans changing lifelong habits and turning their backs on the cookie shelves. Instead, some are heading for more healthful snacks, and that has caught Kraft Foods Inc., the largest U.S. cookie maker with an estimated market share of nearly 40%, off guard.
October 25, 1988 |
Financial fireworks continued on Wall Street Monday, as a New York investment group offered a record-breaking $20.3 billion for RJR Nabisco in what would be the biggest corporate purchase in U.S. history. The bid by the investment firm of Kohlberg Kravis Roberts & Co. eclipses a move last week by executives of RJR Nabisco--the food and tobacco giant--to buy their own company for a record $17 billion.
October 18, 1988 |
With their market for tobacco products shrinking but with gobs of cash on hand and years of experience in mass marketing, the giant tobacco companies are casting a hungry eye on the big food makers. The most dramatic evidence of that trend so far surfaced Monday as Philip Morris, the maker of Marlboro cigarettes that already swallowed up General Foods Corp., offered $11.
October 24, 1988 |
In a dramatic bid for independence, food and dairy giant Kraft Inc. rejected an $11.8-billion takeover by Philip Morris Cos. on Sunday and announced instead a major corporate overhaul that it said would plunge the company deeply into debt. Kraft said the plan would be worth an extra $20 per share to its stockholders, compared to the Philip Morris offer. But it said the restructuring would involve the sale of assets accounting for about 20% of earnings and would put the company more than $12.
October 18, 1988 |
Philip Morris Cos., the tobacco and consumer products giant, announced on Monday an $11.8-billion cash bid to take over Kraft Inc., the cheese and ice cream maker, in what would be the second largest merger in U.S. history. If approved, the deal would bring together a grocery basket full of household brand names, including Kraft's lineup of dairy products and Philip Morris' Maxwell House, Sanka, Oscar Mayer, Post cereals, Jell-O desserts, Miller beer and more.
June 13, 2001 |
Kraft Foods Inc., the No. 1 U.S. food maker whose products include Oreo cookies, raised $8.68 billion on Tuesday in the second-biggest U.S. initial public stock offering. Northfield, Ill.-based Kraft sold 280 million shares at $31 each, the top of its increased price range, in the largest IPO since AT&T Wireless Group (ticker symbol: AWE) raised $10.6 billion in April 2000.
January 15, 2001 |
Call it the Year of the Jumbo. After a year when fledgling companies dominated the market for initial stock sales, 2001 promises a raft of large offerings from household names including Philip Morris Cos.' Kraft Foods Inc. and Verizon Wireless. Jumbo sales of about $50 billion--or half of last year's record proceeds--are in the works, with the bulk comprising telecommunications companies from around the globe looking to raise money for acquisitions, expansion and new technology.
October 19, 1988 |
Facing a surprise takeover offer from Philip Morris Cos., Kraft saw its stock price leap $28.125 a share on Tuesday as Wall Street analysts predicted that the food company's days as an independent firm may be nearing an end. Meanwhile, Philip Morris Chairman Hamish Maxwell said he will vigorously pursue Kraft, an acquisition that would vault his firm, already the nation's largest consumer products firm, past Unilever, the Anglo-Dutch firm, to become the world's largest.
March 18, 1997 |
Lunchables, a package of meat, cheese and crackers sold by the Kraft unit of Philip Morris Cos., contains enough salt to raise blood pressure in certain laboratory rats and may pose a health risk to some humans, a Wisconsin physician said Monday. Lunchables "may be a dangerous snack for families with a history of high blood pressure," Dr. Clarence Grim of the Medical College of Wisconsin said at a news conference at a meeting of the American College of Cardiology in Anaheim.