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$11 Billion Offered for Kraft Inc.; Philip Morris Makes Hostile Overture for Food Industry Giant
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In a bold move to further diversify away from the cigarette
business, Philip Morris Cos. Inc., the country's largest tobacco
company, today announced an unsolicited $11 billion bid to acquire
the food giant, Kraft Inc.
If the deal goes through, it would be the second biggest
corporate takeover in U.S. history, behind the 1984 purchase of Gulf
Oil Co. by Chevron Corp.
Glenview, Ill.-based Kraft-the maker of Velveeta cheese,
Breyer's and Sealtest ice cream, and Philadelphia Cream Cheese-had no
immediate comment on the surprise bid, which was announced after the
stock market closed. Kraft's ...
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