{"id":266414,"date":"2010-02-02T12:59:00","date_gmt":"2010-02-02T17:59:00","guid":{"rendered":"tag:blogger.com,1999:blog-3087194156628161158.post-362717812974064000"},"modified":"2010-02-02T13:04:00","modified_gmt":"2010-02-02T18:04:00","slug":"interactive-investor-cadbury-shareholders-confirm-kraft-deal","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/266414","title":{"rendered":"INTERACTIVE INVESTOR: Cadbury shareholders confirm Kraft deal"},"content":{"rendered":"

Rhian Nicholson<\/p>\n

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02.02.10 17:01<\/span> <\/span> <\/p>\n<\/p><\/div>\n

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UK confectioner Cadbury<\/a><\/b> (CBRY) officially fell into Kraft’s arms today<\/a> after shareholders voted the \u00a311.7 billion takeover through.<\/div>\n

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The US processed food giant received the backing of 72% of shareholders, according to Kraft, after sweetening its offer to 840p plus a 10p dividend per share in a move which won over the reluctant Cadbury board.<\/div>\n
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It needed 50% plus one share to bring its five-month bid to a successful conclusion and 75% to delist Cadbury shares in London – and bring the confectioner’s 186-year history as an independent company to a close.<\/div>\n
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Shareholders still have the option to accept, with the final offer remaining open until further notice.<\/div>\n
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Analysts were expecting the takeover to be comfortably passed after US firm Hershey and Italian chocolate group Ferrero both ruled themselves out of the running.<\/div>\n
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The improved Kraft offer valued Cadbury shares at a 50% premium to the price ruling in the market immediately before Kraft made its initial approach back in September.<\/div>\n
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However, while this found favour with smaller shareholders, institutional investors took more convincing. Legal & General<\/a><\/b> (LGEN) maintained in late January that the deal “fails to fully reflect the long-term value of the company”.<\/div>\n
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Meanwhile, Kraft’s largest shareholder Warren Buffett said he had “a lot of doubts about the deal”. He said he would vote against the move at the end of January.<\/div>\n
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Cadbury’s 45,0000 strong workforce was also up in arms with many descending on London earlier today to urge the British government to do all it can to safeguard jobs.<\/div>\n
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Kraft chief executive Irene Rosenfeld is looking to make annual cost savings of $675 million when the companies join forces – and analysts say this will mean job cuts.<\/p>\n

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