American company KRAFT FOODS will be buying out the Spanish and Portuguese business of the British UNITED BISCUITS group for $1.07 bn. As part of the takeover, the US group will relinquish its 25% shareholding in UNITED BISCUITS, estimated to be worth $548 million, finance the debts from these businesses ($ 522 million). The businesses involve the UB IBERIA et NABISCO subsidiaries, which represent around 18% of total turnover total de UNITED BISCUITS.