PM closes on Nabisco acquisition

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Philip Morris Cos., New York, said Dec. 11 it closed on its acquisition of Nabisco Holdings Corp. for a purchase price of $18.9 billion. Philip Morris' Kraft Foods unit on Friday laid out plans for integrating Nabisco operations into its own North American & International businesses following the approval of the acquisition by the Federal Trade Commission. The new Kraft Foods North America, headed by President-CEO Betsy Holden, will include a new Nabisco Biscuit Division, headquartered in East Hanover, NJ., and new Confections and Planters divisions, located in Parsippany. Rick Lenny, 48, formerly president of Nabisco Biscuit Co., has been named group VP-Kraft Foods and president, Nabisco Biscuit & Snacks, in charge of the three new divisions. Separately, General Mills' shareholders on Friday approved the acquisition of Diageo's Pillsbury Co., which is expected to close in January pending FTC approval.

Copyright December 2000, Crain Communications Inc.

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