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Kraft Foods takes its stock listing to the Nasdaq from NYSE to cut costs
NEW YORK (AP) ' Kraft Foods Inc. is moving its stock listing to the Nasdaq from the New York Stock Exchange to cut costs.
The packaged foods maker, which is splitting into two publicly traded companies later this year, also said Friday that the move will give its brands such as Oreo and Cadbury greater visibility.
Kraft spokesman Michael Mitchell said the listing fees were "considerably less" for Nasdaq. He said the company was also impressed with the advertising and brand building Nasdaq does on behalf of its member companies.
Both companies will be traded on the Nasdaq after Kraft's split.
The move is a win for the Nasdaq, owned by Nasdaq OMX Group Inc. The exchange was criticized for its handling of Facebook Inc.'s initial public stock offering.
Kraft's transfer to the Nasdaq will take place June 26. The Northfield, Ill., company's ticker will remain "KFT" until the company's division.
After the split, one company will focus on North American grocery brands like Oscar Mayer and Velveeta and be called Kraft Foods Group Inc., with the symbol "KRFT." Mondelez International Inc., which will focus on global snack brands, will trade under the symbol "MDLZ."