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NORTHFIELD, IL -- Kraft Foods Inc. is moving its stock listing to the Nasdaq Global Select Market from the New York Stock Exchange ahead of its plans to divide into two publicly traded companies.
The packaged foods giant said the move will cuts costs. Kraft also said Nasdaq's brand-building efforts for its member companies -- including exposure on its billboard in Times Square -- will give greater visibility to its iconic brands.
Kraft Foods shares will begin trading on Nasdaq on June 26. The ticker symbol will remain KFT until its split.
Later this year, Kraft will divide into a global snacks business called Mondelez International Inc., focused on brands like Oreo and Ritz, and a North American grocery business called Kraft Foods Group Inc., devoted to such brands as Oscar Mayer and Velveeta. Upon completion of the spinoff, both companies will trade on the Nasdaq under the symbols MDLZ and KRFT, respectively. | SEE STORY
The move is a big win for the Nasdaq, which was criticized for its handling of Facebook Inc.'s initial public stock offering last month. It also is the first time that a member of the benchmark Dow Jones Industrial Average index has switched from NYSE to Nasdaq.