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Nabisco Becomes a Pawn of Philip Morris's Marlboro Man: Consumers Resist Through Infact's Escalating Kraft Boycott 

``Philip Morris is subjecting Nabisco to a Boycott that is a serious and growing liability to its Kraft Foods division,'' says Infact Executive Director Kathryn Mulvey. Internal documents made public through US litigation show that the corporation knew in the early 1990's that associating Kraft with Philip Morris would harm public perception of Kraft. ``The tobacco giant's willingness to risk Kraft's-and now Nabisco's-image shows how desperate they are to cover up youth-oriented tactics like the Marlboro Man and buy credibility as countries come together to negotiate a global tobacco control treaty,'' continues Mulvey. . .

The Federal Trade Commission is now accepting public comment on its conditional approval of the sale. In a letter sent today to the FTC, Mulvey argued that consumer interest in Philip Morris's acquisition is broader than questions of competition within the food industry. ``Philip Morris is, first and foremost, the global leader in the deadly tobacco business. If this plan is completed, Nabisco will become a pawn of the Marlboro Man. Support for the Kraft Boycott shows that growing numbers of consumers do not want their food purchases to advance the spread of the tobacco epidemic by enhancing the corporate image and political clout of tobacco transnationals led by Philip Morris,'' wrote Mulvey.

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Betsy Holden to lead combined Kraft-Nabisco 

The combined Kraft-Nabisco creates a packaged food behemoth with annual revenues of $35 billion.

Kraft said Nabisco's U.S., Canadian, Mexican and Puerto Rican operations will be integrated into Kraft Foods' North America division based in Northfield, Illinois. Holden, president and chief executive of the Kraft unit, will head the combined business. Nabisco's international businesses will be integrated into Kraft Foods International, headquartered in Rye Brook, New York, and led by Roger Deromedi, president and chief executive of Kraft's international division.

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FTC approves Nabisco sale to Philip Morris 

Kraft on Thursday said Betsy Holden, president and chief executive of its North America division based in Northfield, Illinois, will lead the combined North American operations of Kraft and Nabisco.

Nabisco's international businesses will be integrated into Kraft Foods International in Rye Brook, New York, and led by Roger Deromedi, president and chief executive of Kraft's international division.

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• FTC Approves Plan by Philip Morris, Nabisco to Sell Several Food Brands 

In announcing the regulatory approval, Philip Morris also said Nabisco's North American assets will be integrated into Kraft Foods North America, based in Northfield, Ill., and that Betsy Holden, president and chief executive of the Kraft unit, will lead the process. Nabisco's international brands will be folded into Kraft Foods International, under the direction of Roger K. Deromedi, president and chief executive of that division, which is based in Rye Brook, N.Y.

Philip Morris agreed in June to purchase Nabisco's food operating unit for $14.91 billion. The combined food company will have revenue of about $35 billion.

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Philip Morris' Purchase of Nabisco Approved by FTC (Update1) 

Philip Morris Cos. received U.S. Federal Trade Commission approval to purchase Nabisco Holdings Corp., after the companies agreed to sell off some of Nabisco's assets.

The acquisition, which will create one of the world's largest food companies, will be completed as quickly as possible, Philip Morris said.

The FTC had expressed concerns that the purchase could have a detrimental effect on competition. In August, the FTC requested additional information from the companies on the proposed purchase, which Philip Morris had said was ``not uncommon in a transaction of this size.''

Philip Morris and Nabisco have agreed to divest all Nabisco's dry-gelatin, dry-mix pudding, no-bake dessert and baking powder assets to the Jel Sert Co., a closely held company based in West Chicago, Illinois. They also agreed to sell Nabisco's ``intense mints'' assets to Hershey Foods Corp.

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FTC OKs Philip Morris-Nabisco Deal 

Federal regulators conditionally approved on Thursday the $14.9 billion purchase of Nabisco Holdings Corp. by Philip Morris Cos. Inc., which would create the world's largest food company.

The combined company would have such brands as Oreo cookies, Ritz crackers, Velveeta cheese, Kool-Aid and Jell-O.

To resolve Federal Trade Commission competitive misgivings about the merger, Philip Morris agreed to sell Nabisco's U.S. dry-packaged dessert and baking powder businesses to The Jel Sert Co. and its intense mints operation to Hershey Foods Corp.

"By requiring divestitures in these markets, the commission will ensure consumers continue to enjoy these products at palatable prices," said Richard Parker, director of the FTC's competition bureau.

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Philip Morris Agrees To Sell Intense Mints Ops 

The intense mint operations, which includes Breath Savers, Ice Breakers and Cool Blasts, will be sold to Hershey Foods Corp. (HSY). Jel Sert Co., Chicago, Ill., will acquire the dry packaged desserts and backing powder businesses.

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Philip Morris Acquisition of Nabisco Approved By U.S. Federal Trade Commission 

Philip Morris Companies Inc. (NYSE: MO) confirmed today that the United States Federal Trade Commission (FTC) has approved a consent agreement in connection with the acquisition of Nabisco Holdings Corp. by Philip Morris.

Approval by the FTC clears the way for Philip Morris to close on its acquisition of Nabisco, which Philip Morris expects to complete as quickly as possible. . .

“We look forward to closing this transaction and to Nabisco joining the Philip Morris family of companies,” said Geoffrey C. Bible, chairman and chief executive officer, Philip Morris Companies Inc. “Nabisco provides us with brands in new growth categories where they are a leader, such as cookies and crackers. This is a terrific acquisition for both Nabisco and Philip Morris shareholders.”

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• FTC Approves Nabisco-Philip Morris Deal 

The Federal Trade Commission on Thursday conditionally approved the sale of the Nabisco Holdings Corp. to Philip Morris Cos. Inc. The companies must sell off five products -- Royal Brand gelatin desert mix, Royal Brand dry mix pudding, Royal Brand no-bale bake desert and Davis and Fleischmann's baking powder and Icebreaker Mints.

Nabisco Holdings, a unit of Nabisco Group Holdings, makes Oreo cookies, Ritz crackers, Lifesavers candies and Gray Poupon mustard.

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FTC Grants Clearance / Sale of Nabisco Moves Forward 

Nabisco Group Holdings announced today that the Federal Trade Commission has granted clearance for the sale of Nabisco Holdings to Philip Morris Companies Inc.

As previously announced, Philip Morris will acquire by merger all the outstanding shares of Nabisco Holdings (NA), including NGH's 80.5 percent interest in NA, for $55 per share.

Upon completion of the sale of NA to Philip Morris, R J Reynolds Tobacco will acquire by merger all the outstanding NGH shares for $30 per share.

To resolve Federal Trade Commission concerns with the transaction, Philip Morris has agreed to the divestiture of Nabisco's intense mints and U.S. dry packaged dessert and baking powder businesses.

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Philip Morris eyeing Nabisco 

Philip Morris Cos. still expects to close its merger with Nabisco Holdings Corp. this year but likely not until the latter half of December.

A Philip Morris spokesman said the company is still complying with the second request in the antitrust review by the Federal Trade Commission.

"We're in discussions," the spokesman said of the FTC review. "It's a pretty fluid process."

The spokesman declined to say if the maker of Marlboro cigarettes and Kraft cheese products was divesting assets to satisfy the FTC. If the company arranges any divestitures, it will announce the sales publicly, the spokesman said.

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Nabisco Shareholders Approve Purchases by RJR, Philip Morris 

Nabisco Group Holdings Corp. shareholders approved the company's sale to R.J. Reynolds Tobacco Holdings Inc., after giving the go ahead for Philip Morris Cos. to buy its operating unit, Nabisco Holdings Corp.

The transaction remains under review by U.S. antitrust authorities, Nabisco Group said in a statement. The companies expect the purchases to be completed by year-end.

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• Shareholders approve Nabisco-Philip Morris deal 

Nabisco Group Holdings Corp. on Friday said its shareholders approved the sale of its Nabisco Holdings Corp. unit, which makes Oreo cookies and Grey Poupon mustard, to food and tobacco giant Philip Morris Cos. for $55 a share.

Nabisco Group Holdings owns 80.6 percent of Nabisco Holdings, the No. 1 U.S. cookie and cracker maker. Philip Morris agreed to buy it in June.

Philip Morris will create a snack and food behemoth by combining Nabisco with it Kraft Foods unit, helping Philip Morris remain the world's second-largest food company, after Swiss giant Nestle SA .

Philip Morris plans an initial public offering for less than 20 percent of the combined food operations after the deal closes.

The stockholders also approved the subsequent acquisition of parent Nabisco Group Holdings by R.J. Reynolds Tobacco Holdings Inc. for $30 a share. The primary asset of Nabisco Group Holdings after the sale of the Nabisco foods company will be about $11.8 billion in cash.

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Nabisco Reports Drop in Profits 

Cookie maker Nabisco Holdings Corp. reported Wednesday a 32 percent drop in third-quarter profits, mainly due to costs related to its pending sale to tobacco interests.

For the three months ended Sept. 30, the Parsippany-based food company reported net income of $78 million, or 29 cents per share, down from $114 million, or 43 cents per share, in the year-ago period.

Excluding $30 million in costs due to the pending sale, Nabisco earned $108 million, or 40 cents per share, up from operating earnings of $81 million, or 30 cents per share.

That beat the forecast of analysts surveyed by First Call/Thomson Financial, who had predicted earnings of 35 cents per share.

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Nabisco Operating Profits Rise 33 Percent 

No. 1 U.S. cookie and cracker maker Nabisco Holdings Corp. said on Wednesday its third-quarter operating earnings climbed 33 percent, easily beating expectations as consumers' expanding appetite for snacks helped fuel sales and market share gains.

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