Kraft Foods Inc (KFT.N) Chief Executive Irene Rosenfeld plans to break up the food giant, just 18 months after driving through the controversial acquisition of UK chocolate maker Cadbury. The split will give investors the chance to bet on a snacks business that is growing fast in emerging markets, or opt for the stable dividends offered by a slower growing general grocery business that includes Oscar Mayer lunch meat and Kraft cheese. The surprise move by the $48 billion company, disclosed on Thursday, is the latest in a broad trend of corporate break-ups that includes Fortune Brands Inc (FO.N), ConocoPhillips (COP.N) and ITT Corp (ITT.N). The move also comes just weeks after billionaire investor Nelson Peltz disclosed a 12.2 million share stake in Kraft through his firm Trian Fund Management.
Kraft Foods Inc. (Kraft Foods) manufactures and markets packaged food products, including biscuits, confectionery, beverages, cheese, convenient meals and various packaged grocery products. Shares of KFT traded higher by 0.64% or $0.219/share to $34.52. In the past year, the shares have traded as low as $28.85 and as high as $36.02. On average, 9064560 shares of KFT exchange hands on a given day and today's volume is recorded at 46013380.
Fortune Brands, Inc. is a holding company with operating companies engaged in the manufacture and sale products, such as distilled spirits, home and security products, and golf products. Shares of FO fell by 5.47% or $-3.17/share to $54.77. In the past year, the shares have traded as low as $42.19 and as high as $65.48. On average, 812760 shares of FO exchange hands on a given day and today's volume is recorded at 1385982.
ConocoPhillips is an international, integrated energy company. Shares of COP fell by 3.78% or $-2.67/share to $67.89. In the past year, the shares have traded as low as $52.00 and as high as $81.80. On average, 10293200 shares of COP exchange hands on a given day and today's volume is recorded at 9859531.
ITT Corporation (ITT) is a global engineering and manufacturing organization. Shares of ITT fell by 3.86% or $-1.96/share to $48.84. In the past year, the shares have traded as low as $42.05 and as high as $64.00. On average, 1232380 shares of ITT exchange hands on a given day and today's volume is recorded at 1356641.
