Kraft Foods Inc. (KFT) Friday revealed its decision to list on the Nasdaq, moving out from the New York Stock Exchange. The world's second largest food company said the move to shift to Nasdaq OMX Group Inc. (NDAQ) would enable it capitalize on "greater cost efficiencies."
Kraft Foods, which will split into two companies, also said its brands will benefit from marketing visibility provided by the Nasdaq advertising board on the New York Times Square. Kraft Foods shares will begin trading on Nasdaq beginning June 26. The company's ticker will remain 'KFT', but only until its planned spin-off is completed. Following the separation, the ticker 'KFT' will be retired.
The move from Kraft Foods will provide some consolation to the Nasdaq Group, after being on the receiving end of fierce criticism on the flop show of the most anticipated Facebook Inc. IPO.
Kraft Foods plans to split itself into two independent public companies, i.e. the global snacks business and North American grocery business. Following the spin off, the global snack food business will be called Mondelez International Inc., while North American grocery business as Kraft Foods Group Inc. Mondelez will be trading on the ticker symbol MDLZ, while Kraft Foods Group on KRFT, both on Nasdaq.
KFT is currently trading on the NYSE at $38.26, up $0.11 or 0.29%, on a volume of 3.6 million shares.
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