Big news Stateside: Irene Rosenfeld has delivered a major bombshell, announcing that Kraft Foods will be split into two, independent, publicly-traded companies.

In an announcement rich in irony, Rosenfeld first claimed the acquisition was working. “As our second-quarter results once again show, our businesses are benefiting from a virtuous cycle of growth and investment, which we fully expect will continue,” she said.

And she seemed to imply that the move to create a global snacks business and a separate North American grocery business was inevitable.

“We have built two strong but distinct portfolios. Our strategic actions have put us in a position to create two great companies, each with the leadership, resources and strong market positions to realise their full potential.”

With the decoupling expected to take 18 months to complete, there are still lots of questions left unanswered. Having failed to create value with the merger, how much extra value will the decoupling unlock? What happens to apparently stranded outposts such as the Kenco-based beverages business in Oxford? Which stock will investors fancy? (I think I know the answer to this one.)

How long before the North American grocery business is sold to a private equity group? A low-growth business with “a remarkable set of iconic brands, industry-leading margins and the clear ability to generate significant cash flow” sounds like a perfect vehicle for private equity owners.

Which business, if any, will be called Kraft? Above all, what will happen on the people side? A lot of talent on the snacks side was lost when Cadbury was subsumed into Kraft – and not just the plc team. So how will the businesses be rebuilt, and by whom?

Michael Clarke, now set to join Premier Foods as chief exec, might have been a contender to run the snacks business, though he surely would have known of the plans. Rosenfeld is, in theory, also well suited, thanks to her experience at Frito-Lay.

But as I will argue in my leader in Saturday’s issue, she no longer deserves to have such an option. And who knows what might happen next. Todd Stitzer was rumoured, a couple of months ago, to be making a Hershey-based play to buy back Cadbury.

Stranger things have happened.

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