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* Kraft Foods Inc. said it would pay $1.07 billion to acquire the Spanish and Portuguese units of United Biscuits in a move to broaden its global strength in cookie sales.
* Glendale-based IHOP Corp., which owns and franchises International House of Pancakes restaurants, named Dennis Farrow as chief operating officer, effective Sept. 5. Farrow most recently worked as a senior vice president of Wendy’s International Inc. and before that at Taco Bell Corp.
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