Kraft Divests in Europe
These actions reportedly follow the decision by the European Commission to clear Kraft's acquisition of Group Danone's global biscuits business, including LU Iberia and Gyori Keksz, conditional upon Kraft's divesting a limited number of trademarks in Spain and Hungary.
The sale agreements are subject to regulatory approvals prior to closing, which is expected later this year.
Kraft said that these divestitures will not affect the company's ongoing businesses in Spain and Hungary.
The company is expected to grow its portfolio of biscuit, chocolate, coffee, cheese, desserts and mayonnaise brands including LU, Oreo, Fontaneda, Milka, Saimaza, Philadelphia, El Caserio, Royal and Kraft in Spain. In Hungary, the company will continue to focus on developing its portfolio of biscuit and chocolate brands such as Gyori edes, Pilota, Milka, Sport and others.
Financial details of the divestments were not available.
From the April 28, 2008, Prepared Foods e-Flash