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(JOHN GRESS/REUTERS)

Financial Times

Kraft’s spinoff math adding up, for now

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Mergers are designed to prove that 1 + 1 > 2. Conversely, bosses and bankers argue, spinoffs can prove that 1 = 0.6 + 0.6. This is math for optimists. Alas, in the separation of old Kraft (including Cadbury) into new Kraft and Mondelez, effected six months ago, standard arithmetic holds so far.