Separation by Kraft Foods of Global Snacks and North American Grocery Businesses
August 04, 2011
On August 4, 2011, Kraft Foods Inc. announced that its Board of Directors intends to create two independent public companies: a high-growth global snacks business with estimated revenue of approximately $32 billion and a high-margin North American grocery business with estimated revenue of approximately $16 billion. Cravath is representing Kraft Foods in connection with this transaction. Kraft Foods expects to create these companies through a tax-free spin-off of the North American grocery business to Kraft Foods shareholders. The transaction is subject to customary closing conditions and is expected to close before year-end 2012.
The Cravath team is led by partner Philip A. Gelston on corporate matters and includes partner Stephen L. Gordon on tax matters.
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J.D., 1977, Harvard Law SchoolSears Prize, magna cum laude
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A.B., 1974, Harvard CollegePhi Beta Kappa, cum laude
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J.D., 1981, Harvard Law Schoolcum laude
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A.B., 1978, Cornell Universitycum laude
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