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Article: $11 Billion Offered for Kraft Inc.; Philip Morris Makes Hostile Overture for Food Industry Giant
- Article from:
- The Washington Post
- Article date:
- October 18, 1988
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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In a bold move to further diversify away from the cigarette
business, Philip Morris Cos. Inc., the country's largest tobacco
company, today announced an unsolicited $11 billion bid to acquire
the food giant, Kraft Inc.
If the deal goes through, it would be the second biggest
corporate takeover in U.S. history, behind the 1984 purchase of Gulf
Oil Co. by Chevron Corp.
Glenview, Ill.-based Kraft-the maker of Velveeta cheese,
Breyer's and Sealtest ice cream, and Philadelphia Cream Cheese-had no
immediate comment on the surprise bid, which was announced after the
stock market closed. Kraft's chairman only learned about the offer
in a telephone call late today, according to a company ...