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 GBP11.5bn takeover offer has been approved by Cadbury shareholders, with 71.73% of shares having been tendered.
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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.”
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