The top 10 pension fund holders of Kraft Foods Group stock made nearly $250 million Wednesday morning (on paper) after the announcement the firm would merge with H.J. Heinz Co.
Kraft's stock surged 42% to more than $87 per share in midmorning trading.
New York State Common Retirement Fund was the biggest winner, making about $42 million on the announcement from its 0.28% ownership.
The California Public Employees' Retirement System was next, making about $38 million from its 0.25% ownership stake.
