Kraft gets all clear from Cadbury shareholders
Kraft has overcome the final challenge in wresting control of iconic British firm Cadbury, with the majority of the confectioner’s shareholders voting in favour of the A$21 billion takeover.
“Kraft Foods is pleased to announce that it has acquired control of Cadbury plc,” the US manufacturing giant said in a statement. “The combination creates a global powerhouse … with annual revenues of approximately $50 billion and sales in approximately 160 countries.”
Holders of 71.73 per cent of Cadbury’s outstanding shares have accepted the final offer from Kraft, ensuring all of the conditions of the recommended deal have been satisfied or waived.
“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.”