Tobacco.org

Kraft Shares Rise After Report of Investment by Icahn (Update3) 

Shares of Kraft Foods Inc., the world's second-largest foodmaker, rose 3.1 percent after the Wall Street Journal reported that activist investor Carl Icahn bought shares in the company.

The stock increased $1.09 to $35.89 at 4:24 p.m. in composite trading on the New York Stock Exchange. The Journal said today that Icahn had acquired an undetermined stake in Kraft, citing people familiar with the situation.

Chief Executive Officer Irene Rosenfeld has also agreed to meet with billionaire investor Nelson Peltz next week, the Journal said. Rosenfeld, who took charge of Kraft a year ago, may be pressured by investors to shed slower-growing units that may include Post cereal, analysts said.

``Obviously Kraft has a portfolio of extraordinarily valuable brands,'' said Thomas Russo

Jump to full article »