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Article: Kraft Inc. Agrees to Acquisition; Philip Morris to Pay $13.1 Billion for Huge Food Firm
- Article from:
- The Washington Post
- Article date:
- October 31, 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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Two giants of the U.S. food and tobacco business ended their
takeover battle today when Kraft Inc. agreed to be acquired by Philip
Morris Cos. Inc. for $13.1 billion in a deal that would be the
second-largest corporate merger in history.
Following a four-hour meeting here this afternoon, Kraft's
directors approved a definitive agreement in which Philip Morris
would pay $106 in cash for each of Kraft's outstanding shares. The
only obstacle to completion of the merger is a review by federal
antitrust officials, who have voiced few objections to big takeovers
in recent years.
If the deal is completed as expected, Philip Morris-maker of
Marlboro cigarettes, Maxwell House coffee, Jell-O, ...