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Kraft Foods Inc. (NYSE: KFT) is the largest food and beverage company headquartered in the United States and the second largest in the world (after Nestlé SA). Philip Morris Companies Inc. (now known as Altria Group, Inc.), acquired Kraft for $12.9 billion in 1988, eventually merging it with another food subsidiary, General Foods, which it had acquired in 1985. In 2000, Philip Morris acquired Nabisco and merged it with Kraft. Altria sold 280 million Kraft shares via an initial public offering in 2001, retaining an 88.1% stake. On January 31, 2007, after months of speculation, the company announced that its 88.1% stake would be spun off to Altria shareholders at the end of March 2007. Kraft is now an independent publicly held company.
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