NEW YORK (TheStreet) -- Shares of Mondelez International Inc (MDLZ) were lower by 0.43% to $40.49 in midday trading Thursday, one day after the company's board declared a regular quarterly dividend of 15 cents per share of Class A common stock.
The dividend is payable on July 13 to shareholders of record as of June 30.
Earlier this month, Mondelez and DE Master Blenders won approval from the European Union for their joint venture proposal.
The two companies will combine to create a $7 billion coffee business, which would make it the world's biggest standalone coffee company, Reuters reported.
The EU approval came after the two companies agreed to sell various assets to lessen competitive concerns, Reuters added.
The new joint venture will be called Jacobs Douwe Egberts.
Deerfield, Ill.-based Mondelez International is a snack manufacturing company for consumers in approximately 165 countries around the world.
The company's portfolio includes nine brands including Oreo, Cadbury chocolates, Trident gum, and Tang powdered beverage.
Insight from TheStreet's Research Team:
Since its spinoff from Kraft (KRFT) in October 2012, Mondelez International has been on a strong march higher, though it's been rather bumpy. Still, it is up an impressive 54% since, not bad for a low growth consumer staples brand.
The company has come under the scrutiny of shareholder activism with Nelson Peltz of Trian Partners leading the charge. Peltz is looking to unlock some value in the shares, and it may be working. His involvement may be partially responsible for the stock's excellent performance.