Kraft Boosts Price Of Planned IPO
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Kraft Foods Inc., the maker of Kraft cheese, Oscar Mayer hot dogs and Oreos, boosted the price tag on its spinoff from Philip Morris to $8.7 billion on Wednesday, setting the stage for the second-largest new stock offering in U.S. history.
The food giant, based in Northfield Lake, Ill., said it would offer 280 million shares in an initial public offering at $26 to $31 a share. The deal, expected by June 30, could raise $7.3 billion to $8.7 billion.
When Kraft first filed to go public in March it said it hoped to raise as much as $5 billion. Even at the low end of the revised price range Kraft would still be the second-largest U.S. IPO, after last year’s $10.6-billion AT&T; Wireless IPO.
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