Kraft Foods (KFT) says its board has approved the spin-off of its North American grocery...

|By:, SA News Editor

Kraft Foods (KFT) says its board has approved the spin-off of its North American grocery business. The spin-off will be complete on October 1 through a pro rata dividend of all outstanding shares of Kraft Foods Group common stock it owns to its shareholders of record as of the close of business on September 19. Each shareholder will receive one share of Kraft Foods Group common stock for every three shares of Kraft Foods common stock held.