Kraft Foods Buys Shares From Altria

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Kraft Foods Buys Shares From Altria
source: admin 2007-3-10 00:48:05

NEW YORK (AP) -- Kraft Foods Inc., maker of namesake cheeses and other foods, said it bought about 1.4 million shares of its stock from parent Altria Group Inc. for $46.5 million, or about $32.09 per share.

In a filing Tuesday with the Securities and Exchange Commission, the Northfield, Ill.-based company said the March 1 purchase was in anticipation of Atria's spinoff of Kraft.

The per-share price was the average of the high and low price of Kraft's stock on March 1. Kraft has about 1.64 billion shares outstanding.

It is a 1.5 percent premium to the stock's closing price on Monday, the day before the SEC document was filed.

Altria is due to spin off the company at the end of the month.

Kraft shares fell 34 cents to $31.89 during midday trading on the New York Stock Exchange.

Shares of New York-based Altria shares rose 19 cents to $84.61 on the NYSE.