Ralcorp To Buy Kraft's Post Cereals

1 decade 11 months 3 days ago Thursday, November 15 2007 Nov 15, 2007 Thursday, November 15, 2007 7:06:09 AM CST November 15, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
ST. LOUIS (AP) - St. Louis food maker Ralcorp is buying the Post cereals unit from Illinois-based Kraft Foods. Post is the nation's third largest with brands like Spoon Size Shredded Wheat and Raisin Bran. The companies say the deal announced today includes stock valued at $1.65 billion. Ralcorp will also assume $950 million in debt, making the total deal worth about $2.6 billion. Under terms of the deal, Kraft will spin off Post and the business would then be combined with Ralcorp. Kraft shareholders would own about 54 percent of the new Ralcorp when the deal is complete, with Ralcorp shareholders owning about 46 percent. The Post cereal business generated 2006 sales of $1.1 billion. Its brands also include Honey Bunches of Oats, Pebbles, Post Selects and Grape Nuts.<

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