NORTHFIELD, Ill. — Kraft Foods here has agreed to sell its frozen pizza business to Nestlé for $3.7 billion. It plans to use proceeds from the deal to increase the cash portion of its $16 billion hostile takeover bid for Cadbury. Nestlé announced yesterday that it doesn’t intend to participate in a formal offer for Cadbury. Kraft estimates that the sale of its North American pizza business, including brands like DiGiorno, Tombstone, Jack’s, Dellisio and the California Pizza Kitchen ...
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