After a five-month siege, Kraft Foods today (19 January) all but won the highly-publicised battle for Cadbury, turning its hostile approach friendly and securing the support of the UK confectioner's board by sweetening its takeover bid. As the dust settles, Kraft claims the combined entity will benefit from US$675m in annual synergies, improved global distribution and a stronger presence in multiple retail channels. However, concerns linger over the company's debt levels and the impact this will have on investment. Katy Humphries reports.