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updated: 8/15/2012 10:23 AM

Kraft Foods board signs off on spinoff

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Northfield-based Kraft Foods Inc.'s board of directors approved the spin off of its North American grocery business and declared a pro rata distribution of shares of the new company to holders of Kraft Foods Inc. common stock.

The board also declared a regular quarterly dividend of 29 cents per share of Kraft Foods Inc. common stock. This cash dividend is payable on Oct. 15 to Kraft Foods Inc. stockholders of record as of the close of business on Sept. 19.

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Kraft Foods Inc. will complete the spin off of its North American grocery business, called Kraft Foods Group, on Oct. 1. Kraft Foods Inc. shareholders will receive one share of Kraft Foods Group common stock for every three shares of Kraft Foods Inc. common stock held by such shareholder on the record date, the company said in a release. The distribution of these shares will be made in book-entry form, which means that no physical share certificates will be issued.

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