Kraft Foods to Sell Wedel to Lotte Group

Kraft Foods announced Monday it will sell Polish chocolate firm Wedel to Tokyo-based conglomerate Lotte Group.

Kraft did not disclose the value of the deal. Earlier market estimates valued Wedel at around zl.800 million.

Following the transaction some 1,000 Wedel employees will be employed by Lotte Group, Kraft said.

Kraft Foods was forced to sell Wedel by the European Commission after the American company took over Britain’s Cadbury. The Commission’s move was aimed at preventing a monopoly over Poland’s confectionery market.