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Article: Kraft offering richly priced, creates global powerhouse.(Philip Morris Companies Inc., initial public offering)(Brief Article)(Statistical Data Included)
- Article from:
- Feedstuffs
- Article date:
- June 18, 2001
- Author:
CopyrightCOPYRIGHT 2001 Miller Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Philip Morris Companies Inc. served the company's food business on a mighty plate last week, conducting an initial public offering (IPO) of Kraft Foods Inc. that was as rich as Kraft' s Miracle Whip -- an offering that was the second-largest IPO in history and booked the global food business's value at nearly $54 billion.
Kraft was priced at $31.00 per share on the eve of the offer, opened June 13 at $31.50, rose to $32.45 and settled at $31.25 -- a debut that generated $8.7 billion, behind only the launch of AT&T Wireless last year, which generated $10.6 billion.
The offering spun out the largest publicly traded food company in North America and the ...