No Federal Bar to Kraft Takeover
NEW YORK — Federal officials did not raise antitrust objections to the $13.1-billion takeover of Kraft Inc. by Philip Morris Cos., the tobacco giant said today, clearing the way for one of the biggest acquisitions in corporate history.
Philip Morris said in a statement that the waiting period for the Federal Trade Commission’s review of the takeover expired Friday. Asked if that meant that the commission had not moved to block the takeover, Philip Morris spokesman George L. Knox said: “That’s what it means.” Philip Morris also restated that its $106-a-share tender offer for Kraft’s stock will expire Friday. The company did not disclose how many Kraft stockholders have tendered their shares to date.
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