Northfield, Ill., Oct. 29, 2007 - Kraft Foods Inc. today announced that it has signed final agreements to acquire the global biscuit business of Groupe Danone for EUR 5.3 billion in cash subject to purchase price adjustments.
This follows the announcement of Kraft's offer in July which, according to French law, was subject to consultation with Danone's works councils. The recent conclusion of these consultations has allowed the Danone Board of Directors to approve the transaction and both parties to sign the final sale agreement.
Completion of the transaction is subject to customary closing conditions, including approval of regulatory authorities in the countries concerned and the European Commission. Both companies anticipate that the transaction will close by the end of the year.