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NORTHFIELD, Ill. - Foodmaker Kraft Foods Inc. on Monday said it will split off its Post Cereals business, a move first announced in November.
Kraft will distribute via a split-off deal all outstanding shares of its subsidiary Cable Holdco Inc. that will own some assets and liabilities of its Post cereals business.
Cereal maker Ralcorp Holdings Inc.'s Ralcorp Mailman LLC unit will combine with Cable Holdco Inc.
In November, Kraft said it would sell two dozen Post cereal brands to Ralcorp for $1.7 billion in stock. Kraft will own 54 percent of the company.
About 30.4 million shares of Cable Holdco will be offered in exchange for Kraft common stock in the offer. It will be subject to proration if it is oversubscribed and the number of shares Kraft accepts may be less than the number of shares tendered.
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