Kraft Foods (Oscar Meyer Parent) Spinoff?

Melanie Warner:

Today’s meeting of Altria’s board may bring Kraft — which sells food carrying the Maxwell House, Nabisco and Oscar Mayer labels, among others — one step closer to its goal.

With the last major legal challenge over marketing practices by the tobacco industry having cleared two weeks ago, Altria’s 11-member board is likely to discuss the timing of a much-anticipated and imminent corporate overhaul. But Altria’s board is not expected to announce a Kraft spinoff after the meeting.

Wall Street analysts who follow Altria say they expect the company, which has been planning an overhaul since 2004, to take its time in making a final decision on the timing of what would be one of the largest tax-free corporate spinoffs.