US: Kraft's Cadbury bid successful

By: just-food.com | 2 February 2010

Rosenfeld hailed Cadbury buy

Kraft Foods announced this evening (2 February) that its bid to acquire control of Cadbury has been accepted by shareholders in the UK confectioner.

As anticipated, the US food company's GBP11.7bn (US$18.6bn) takeover offer has been approved by Cadbury shareholders, with 71.73% of shares having been tendered.

All of the conditions of the recommended final offer for Cadbury have been satisfied or waived, allowing the Dairy Milk maker to become part of Kraft, the company said.

"The combination of Kraft Foods and Cadbury creates a global powerhouse in snacks, confectionery and quick meals," said Irene Rosenfeld, chairman and CEO.

"Together we have impressive global reach and an unrivalled portfolio of iconic brands, with tremendous growth potential. I warmly welcome Cadbury employees into the Kraft Foods family and look forward to meeting many of them in the days and weeks ahead. This combined company has a phenomenal future, and I firmly believe it will deliver outstanding returns to our shareholders."

Sectors: Bakery, Confectionery, Emerging markets, Snacks

Companies: Cadbury, Kraft Foods, Dairy Milk

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There is currently 1 comment on this article

Well it seems that's it for us then! I am from Birmingham UK which is the main base of Cadburys 180+ history and I am not happy that Kraft have taken over!

I remember when Kraft took over another British Chocolate maker by the name of Terrys and after 12 years of ownership and promising there would never be and Job Losses, what happens. Kraft move production of Terry abroad and close down the Terrys Factory in the UK with Thousands of Job Losses!

Kraft need to pay for Cadburys and the only way to do that is with with cost cutting exercises. which in my book means Job Losses for the People of MY home town of Birmingham!

Birmingham was known as a city of a 1000 Trades once as well as Range Rover, MG, Rover, Jaguar. We had the famous Jewellery Quarter and the Gun Quarter We made everything from Pens to Bridges as well as the great HP Sauce (another foreign company ran that to the ground and moved production to Their country with more job Losses to the people of Birmingham) and now a huge American company have control of one of our last if not our last Great British Owned Company.

I would love to ask Kraft if they can make Concrete Assurances to us the People of the City of Birmingham UK that there will NEVER Be Job Losses at Cadbury's

Regards

-Phillip Dews
Sad

Phillip Dews dot com said at 9:36 pm, February 2, 2010

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