Kraft Foods Inc. is close to a deal to sell its Post cereals business to Ralcorp Holdings Inc. for about $2.8 billion, people familiar with the matter said.
A sale would be part of Kraft's push to get rid of slow-growth assets under Chief Executive Irene Rosenfeld. The Post cereals business, which includes Raisin Bran, Grape-Nuts and a variety of Pebbles children's cereals, is the No. 3 U.S. cereal maker by sales after Kellogg Co. and General Mills Inc. But its sales have been stagnant, in part because concerns about obesity among children have forced cereal makers to dial back marketing for sugary cereals.
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