Philip Morris to acquire Nabisco food operation

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Philip Morris Cos. agreed to acquire Nabisco Holdings, the food operation of Nabisco Group Holdings, for $55 a share, adding the company's snack, candy and condiment brands to its own Kraft Foods unit to create a food behemoth with worldwide revenue of $34.9 billion. Less than 20% of the newly merged company, expected to be combined by October, will be sold in an initial public offering in early 2001. R.J. Reynolds Tobacco Co. agreed to purchase Nabisco Group Holdings for $30 per share.

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Copyright June 2000, Crain Communications Inc.

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