Mondeléz, the Kraft spinoff previously discussed on this board, begins life on Oct 1; it is already trading on a “when issued” basis: http://online.barrons.com/article/SB50001424053111904414004578016491894910064.html Kraft (KFT) is separating into new Kraft (KRFT) and the larger Mondeléz International (MDLZ), which will hold the company's global snacks business, including Nabisco cookies, Cadbury chocolate, and Chiclets gum. New Kraft's portfolio includes some familiar American products like Jell-O, Kool-Aid, Velveeta, Planters, Oscar Mayer, Kraft macaroni and cheese, and Kraft refrigerated cheeses. Until Tuesday, new Kraft will trade in a when-issued market with the ticker KRFTV, and Mondeléz as MDLZV. Old Kraft (KFT) shares will stop trading after the split. Mondeléz will have a more modest dividend, around 2%. In an indication of the importance of dividends in a yield-parched environment, Mondeléz has a P/E ratio similar to new Kraft's, despite a stronger growth outlook. Mondeléz looks more appealing than new Kraft. No kidding. KRFT is for suckers, IMHO, while MDLZ looks like an excellent play on The Global Demographic Tailwind. On Oct 1, each share of KFT will be converted into one share of MDLZ and 1/3 share of KRFT.