Kraft: IRS Confirms Tax-Free Status Of Spinoff

Date : 05/18/2012 @ 10:05AM
Source : Dow Jones News
Stock : Mondelez International, Inc. (MM) (KFT)
Quote : 42.52  0.0 (0.00%) @ 2:05AM

Kraft: IRS Confirms Tax-Free Status Of Spinoff

Kraft (NASDAQ:KFT)
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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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