Philip Morris Completes General Foods Acquisition
NEW YORK (AP) _ Philip Morris Cos. Inc. said Friday that it has completed its $5.63 billion acquisition of General Foods Corp., the largest U.S. business combination outside the oil industry.
In the combination, General Foods, which markets coffee, meats and packaged groceries, became a wholly owned subsidiary of Philip Morris, a tobacco and beverage concern.
Phillip Morris ended its $120-a-share offer for General Foods’ stock on Wednesday, with 97.7 percent of the outstanding stock accepted for payment. The remaining shares were converted Friday into a right to receive $120 in cash and Philip Morris said it was notifying the holders on how to exercise those rights.