On October 1, 2012, Mondelēz International, Inc., formerly Kraft Foods Inc., announced that it has completed the spin-off of its North American grocery business, Kraft Foods Group, Inc. Cravath represented Kraft Foods in connection with this transaction, which was previously announced on August 4, 2011.
Mondelēz International completed the spin-off by distributing all outstanding shares of Kraft Foods Group common stock that it owned ratably to its shareholders of record as of the close of business on September 19, 2012. The distribution was based on a distribution ratio of one share of Kraft Foods Group common stock for every three shares of Mondelēz International common stock. Concurrent with the spin-off, Kraft Foods Inc. changed its name to Mondelēz International, Inc. As of October 2, 2012, Mondelēz International will trade on The NASDAQ Global Select Market under the ticker symbol “MDLZ” and Kraft Foods Group will trade on The NASDAQ Global Select Market under the ticker symbol “KRFT.” The ticker symbol “KFT” has been retired.
The Cravath team included partners Philip A. Gelston and Eric L. Schiele and associates Ting S. Chen, Meir Dominitz, R. Kirkie Maswoswe, Ryan M. Sklar and Gillian L. Warmflash on corporate matters; partner Stephen L. Gordon and associates Kara L. Mungovan and Matthew Y. Lau on tax matters; and partner Christine A. Varney and associates Margaret T. Segall and Veena Viswanatha on antitrust matters.
