The shareholders of Kraft Foods have voted to change the name of the company to Mondelez International.
The proposal was approved by more than 90% of the shareholders who cast a vote. The new name will become effective at the time of the planned spin-off of the company's North American grocery business.
Kraft Foods is dividing to create two public companies: a high-growth global snacks business (Mondelez International) and a high-margin North American grocery business (Kraft Foods Group).
Irene Rosenfeld, chairman and CEO, said: "Mondelez has an appealing international sound that perfectly evokes the idea of a 'delicious world.' That's the essence of our global snacks company."
The company has also reserved the symbol MDLZ for the company's common stock, which will trade under this new symbol after the spin-off.
The stock symbol for the North American grocery company (Kraft Foods Group) will be KRFT. Until the new companies launch, however, the name and stock trading symbol for Kraft Foods will not change.
Source: Kraft Foods
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