PHILIP MORRIS MOVES AHEAD ON KRAFT IPO

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Philip Morris Cos. filed a statement last week with the Securities and Exchange Commission to spin off part of its Kraft Foods subsidiary in an initial public offering. Philip Morris filed a registration statement for 1.18 billion shares of class B stock but did not price the shares. When Philip Morris announced plans to acquire Nabisco Holdings Co. last June, it said it planned to sell 10% to 15% of the combined operations and use the proceeds to pay off part of the debt from the acquisition.

Copyright March 2001, Crain Communications Inc.

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