NORTHFIELD, Ill. (AP) — Food maker Kraft Foods Inc. said Friday it has completed its $7.8 billion acquisition of Groupe Danone SA's cookie and cereal division.
The company said the acquisition will strengthen its presence overseas in both developed and emerging markets. The Danone business includes operations in more than 20 countries, Kraft said.
Kraft's biscuit division, which includes Oreo cookies and Nabisco crackers, will now be the company's largest global business, representing about 20 percent of total Kraft sales, the company said.
Kraft said Georges Casala, former head of the Danone division, will be the president of the division in Europe.
Kraft said the acquisition will add to its earnings in the first year.
