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Altria Group shareholders to receive 0.692024 of a Kraft share in spinoff
By Lisa Kerner
Charlotte, N.C., March 20 - Altria Group, Inc. said its shareholders will receive 0.692024 of a share of Kraft Foods Inc. for each share of Altria common stock held as of 5 p.m. ET on March 16 as part of its previously announced spinoff of Kraft.
Shareholders will receive cash in lieu of fractional shares for amounts of less than one Kraft share.
On March 30, Altria will distribute all of the shares of Kraft that it owns, or about 88.9% of Kraft's outstanding shares, according to a company news release.
New York-based Altria, through its subsidiaries, manufactures and sells cigarettes and other tobacco products.
Kraft Foods (NYSE: KFT), a Glenview, Ill., food and beverage company, closed at $30.36 on March 16.
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