| An SI Board Since June 2001 |
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Kraft plans to offer 280 million shares at $27-to-$30 each via lead underwriters Credit Suisse First Boston and Salomon Smith Barney. Earlier this month, Kraft had filed to raise $8.7 billion, planning to sell 280 million shares at $26-to-$31. The IPO had tentatively been slated to price June 13 and trade on June 14. The offering will now begin trading on June 13, one day ahead of the original schedule
At $8.4 billion, Kraft, is the largest IPO this year and the biggest since last year's $10.6 billion offering from AT&T Wireless.
Parent company Philip Morris will own 49.5 percent of the Class A stock and 100 percent of class B. Philip Morris will also hold 97.7 percent of combined voting power. Northfield, lll.-based Kraft plans to use part of the proceeds to pay off an $11 billion note to Philip Morris.
Kraft, which employs about 117,000 people, is the largest branded food and beverage company in the U.S. The company had $34.7 billion in pro forma operating revenue and $4.6 billion operating income in fiscal 2000.
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