Commentary: Food Giants: Bulking Up Isn't The Answer

Wall Street loves a merger wave, so it's no surprise that investors have been cheering the $87 billion in food deals inked so far this year. Just look at the most recent combination, the $19 billion deal that united Nabisco Holding Corp.'s cracker and cookie empire with Kraft Food Inc.'s hot dogs and cheese. The stock of Kraft's parent, Philip Morris Co., rose $3.75 a share the day the acquisition was announced, its biggest one-day gain in months.

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