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Economy Briefs: Say what? Kraft’s name becomes a joke
Question of the Day
NEW YORK — “MONDEWHAAAAT?”
The sarcasm was palpable in the one-word headline that appeared in the New York Post on the day after Kraft Foods revealed that it planned to name its new global snack business “Mondelez,” an interpretation of a mash-up of the Latin words for “world” and “delicious.” But that wasn’t the only dig.
One blogger teased that she would’ve been “stifling giggles” if she’d been in meetings to determine the name. Crain’s Business Chicago tittered that it bears close resemblance to a Russian term for a sexual act.
The made-up moniker, pronounced “mon-dah-LEEZ,” became a punch line after it was unveiled in March. On Wednesday, Kraft shareholders will decide whether to approve the name for the company’s business that sells global snack brands such as Oreos, Fig Newton and Cadbury.
The new company will be incorporated in Ireland and be headed by Eaton Chairman and CEO Alexander Cutler.
Under terms of the deal, each Cooper stockholder will receive $39.15 in cash and 0.77479 shares of the newly created company. That combination is worth $72 per share based on Eaton’s closing price of $42.40 on Friday.
The companies value the total deal at about $11.8 billion.
Cooper currently has approximately 159.1 million outstanding shares, according to FactSet.
The acquisition is expected to close in the second half of this year.
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