Kraft transferring stock listing to NASDAQ
by Eric Schroeder
NORTHFIELD, ILL. — Kraft Foods Inc. said it will transfer its stock exchange listing to The NASDAQ Global Select Market from the New York Stock Exchange, effective June 26. According to Kraft, the move “will yield greater cost efficiencies, while providing visibility advantages for the company’s iconic brands.” Kraft Foods shares will still trade under the “KFT” ticker symbol.
Later this year Kraft Foods will divide into two public companies: a global snacks business called Mondelez International, Inc., and a North American grocery business called Kraft Foods Group, Inc. Both of these companies will trade on the NASDAQ exchange.
At the time of the spin-off later this year, Kraft Foods Inc. will change its name to Mondelez International, Inc. and the company’s common stock will trade under the symbol “MDLZ.” Concurrently, the North American grocery business will be spun off to form a new company, Kraft Foods Group, Inc., whose common stock will trade under the symbol “KRFT.” The symbol KFT will be retired at that time.
Until the spin-off, the name and stock trading symbol for the company will remain Kraft Foods Inc. and “KFT,” respectively.