Kraft Foods announced it will divide into two publicly traded companies, one for global snacks, including brands such as Oreo and Cadbury chocolate, and one for North American grocery, with brands such as Jell-O, Kraft cheese and Maxwell House coffee. "We have built two strong, but distinct, portfolios," said CEO Irene Rosenfeld of the plan to spin off the grocery business in a tax-free transaction by the end of 2012.

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