Kraft Approves Mondelez as New Name for Global Snacks Company Ignoring Russian Slang
Change Becomes Effective upon Spin-off of North American Grocery Business
05/23/2012 – Northfield, Ill. – Putting an end to speculation that Kraft Foods will select a different name for their soon to be divided company, shareholders of Kraft Foods Inc. (NYSE: KFT) voted today to change the name of the company to Mondelez International, Inc. as originally proposed. The name was approved by more than 90 percent of the shareholders who cast a vote. The new name will become effective at the time of the planned spin-off of the company's North American grocery business.
As previously announced, Kraft Foods Inc. is dividing to create two industry-leading public companies: a high-growth global snacks business (Mondelez International, Inc.) and a high-margin North American grocery business (Kraft Foods Group, Inc.).
"Mondelez has an appealing international sound that perfectly evokes the idea of a 'delicious world.' That's the essence of our global snacks company," said Irene Rosenfeld, Chairman and CEO. Rosenfeld reinforced that Mondelez International will become the new name of the corporation, not a consumer brand. Mondelez will serve as an umbrella for the company's many iconic product brands, including Cadbury, Jacobs, LU, Milka, Nabisco, Oreo, Tang and Trident.
The company has also reserved the symbol MDLZ for the company's common stock, which will trade under this new symbol after the spin-off. The stock symbol for the North American grocery company (Kraft Foods Group, Inc.) will be KRFT. Until the new companies launch, however, the name and stock trading symbol for Kraft Foods Inc. will not change.
The name change will not in any way affect the validity or transferability of any currently outstanding stock certificates, and the company will not ask shareholders to surrender for exchange any Kraft Foods Inc. certificates that they currently hold.
The media has been watching to see if the board members would in fact accept the name change, which is a blending of two Latin words. Soon after the proposed name was announced, it was reported by AdAge Global and other news outlets, that the name may be considered Russian slang for a sex act.
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