Taking The Biscuit

Kraft has agreed to acquire 150-year-old British chocolate manufacturer Cadbury’s in a share transaction worth £11.5m sparking fears that the company’s ethos will be compromised. “The deal ends more than more than 150 years of independence for the maker of Dairy Milk, which will now be subsumed within the world’s second-biggest food company. Kraft Foods, which also makes Toblerone, will take over Cadbury with an offer worth 840 pence a share. Cadbury’s board is now unanimously recommending its shareholders back the bid, after dismissing the initial approach from Kraft as ‘derisory’. Roger Carr, chairman of Cadbury, said: ‘We believe the offer represents good value for Cadbury shareholders and are pleased with the commitment that Kraft Foods has made to our heritage, values and people throughout the world. We will now work with the Kraft Foods’ management to ensure the continued success and growth of the business for the benefit of our customers, consumers and employees.’”