Kraft Foods Inc. (KFT) said Friday that the Internal Revenue Service has provided a favorable ruling confirming the tax-free status of its planned North American grocery spinoff.
"This favorable tax ruling from the IRS is a significant milestone in the spinoff process," said Dave Brearton, Kraft's chief financial officer. "We remain firmly on track to launch two industry-leading companies before the end of 2012."
-By Greg Morcroft; 415-439-6400; AskNewswires@dowjones.com
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