US stocks open mixed following news of Kraft acquisition
NEW YORK - U.S. stock indexes are mixed in early trading following big merger news.
Kraft Foods Group soared 33 percent after H.J. Heinz Co. announced it would buy the company, creating one of the largest food and beverage makers in the world.
Kraft shareholders will receive stock in the combined company and a special cash dividend of approximately $10 billion, or $16.50 per share.
Current Heinz shareholders will own 51 percent of the combined company, with Kraft shareholders owning a 49 percent stake.
The combined company's brands will include Kraft, Heinz, Oscar Mayer and others.