Kraft Foods: shareholders approve Mondelez International

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The shareholders of Kraft Foods Inc. voted to change the name of the company to Mondelez International Inc. The proposal was approved by more than 90 percent of the shareholders who cast a vote. The new name will become effective at the time of the planned spin-off of the company´s North American grocery business.

As previously announced, Kraft Foods Inc. is dividing to create two industry-leading public companies: a high-growth global snacks business (Mondelez International Inc.) and a high-margin North American grocery business (Kraft Foods Group Inc.).

«Mondelez has an appealing international sound that perfectly evokes the idea of a ‘delicious world’. That is the essence of our global snacks company», said Irene Rosenfeld, Chairman and CEO. Rosenfeld reinforced that Mondelez International will become the new name of the corporation, not a consumer brand. Mondelez will serve as an umbrella for the company´s many iconic product brands, including Cadbury, Jacobs, LU, Milka, Nabisco, Oreo, Tang and Trident.

The company has also reserved the symbol MDLZ for the company´s common stock, which will trade under this new symbol after the spin-off. The stock symbol for the North American grocery company (Kraft Foods Group Inc.) will be KRFT. Until the new companies launch, however, the name and stock trading symbol for Kraft Foods Inc. will not change.

The name change will not in any way affect the validity or transferability of any currently outstanding stock certificates and the company will not ask shareholders to surrender for exchange any Kraft Foods Inc. certificates that they currently hold.

Source: Bakenet:eu