aggressive product development was reversed after the merger, as it became slow in addressing issues on its product lines due to its size, and also company politics. In 1990, the company acquired Jacobs Suchard (a European coffee and confectionery giant) and Freia Marabou (a Scandinavian confectionery maker) to expand overseas as its business was heavily dependent on the U.S. In 1993, it acquired RJR Nabisco's cold cereal business (mainly Shredded Wheat and Shreddies cereals) while selling its Breyers ice-cream division to Unilever and its Birds Eye unit to Dean Foods. In 1994, it sold its frozen dinners unit to H.J. Heinz and in 1995, it sold its foodservice unit. In 1995, it changed its name to the present name, Kraft Foods. The same year, it sold its bakery division (except Lender's Bagels, which was sold in 1996 to Kellogg Company), its candy division and its tablespreads division. Log Cabin syrup was sold in 1997. On August 2, 1996, Kraft announced a deal with PepsiCo to market the Taco Bell brand of grocery products. As of 2007, Philip Morris (now Altria Inc.) had sold its stake in Kraft foods and the two companies are no longer affiliated. Financial expansion In 2000, Philip Morris (renamed Altria in 2003) acquired Nabisco Holdings for $18.9 billion and merged the company with Kraft Foods the same year. In 2001, Philip Morris sold 280 million Kraft shares via the third-largest IPO of all time, retaining an 88.1% stake in the company. In 2004, it sold its sugar confectionery division to Wrigley, while doing minor divestitures—including its hot cereals division (Cream of Wheat) to B&G Foods in 2007, its pet snacks division (Milk-Bone) to Del Monte Foods in 2006, juice drinks and Fruit2o to Sunny Delight Beverages in 2007 and some grocery brands in 2006. In 2006, the company bought Southern European business of United Biscuits, gaining several local brands such as Galletas Fontanenda. Investor Nelson Peltz bought a three-percent stake at Kraft Foods and was talking with the executives on revitalizing the business, with options such as buying Wendy's fast-food chain or selling off Post cereals and Maxwell House coffee. On January 31, 2007, after months of speculation, the company announced that its 88.1% stake would be spun off to Altria shareholders at the end of March 2007, giving each approximately 0.7 shares of Kraft for each share of Altria they owned. Kraft became an independent