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Jump to full article: Associated Press (AP), 2000-12-07
Author: Leigh Strope / Associated Press Writer
Intro: 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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