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.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Sanity hearing slated for driver in deadly July crash
American Idol holding auditions in Baton Rouge this weekend
Auto shop releases car following 2 On Your Side story
Officials believe overnight fire at Denham Springs restaurant was intentionally set
Ceremony held in Capitol Memorial Hall in honor of former Gov. Blanco