"Kraft is now the world's leading biscuit company, with a strong portfolio of iconic brands," said Irene Rosenfeld, Kraft chairman and CEO. "We'll use our enhanced scale, geographic reach and combined technologies to grow favorites like LU, Oreo and Ritz even faster around the world. This acquisition is part of our plan to create long-term shareholder value, and importantly, will be accretive to earnings per share in the first year."
The addition of Danone's biscuit business will transform Kraft's international business into a stronger contributor to revenue growth. Biscuits will also become the company's largest global business, representing approximately 20% of total Kraft revenues.