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US body approves Kraft’s bid for Cadbury

US body approves Kraft’s bid for Cadbury
US competition authorities have approved a bid by Kraft Foods to acquire UK confectioner Cadbury, the US food giant said in a note to the London Stock Exchange.
Earlier this month, Kraft appealed directly to shareholders with details of its cash and shares bid, now worth STG9.9 billion ($A17.61 billion), down from an initial STG10.2 billion ($A18.14 billion).
Over the past couple of months, Kraft has repeatedly tried to nab the UK confectioner, and had been snubbed by Cadbury management at every turn.
Kraft has taken its bid directly to shareholders, who have until 5 January to decide whether or not to accept the deal.
The European Union is expected to rule on the takeover bid by January 6.

US competition authorities have approved a bid by Kraft Foods to acquire UK confectioner Cadbury, the US food giant said in a note to the London Stock Exchange.

Earlier this month, Kraft appealed directly to shareholders with details of its cash and shares bid, now worth STG9.9 billion ($A17.61 billion), down from an initial STG10.2 billion ($A18.14 billion).

Over the past couple of months, Kraft has repeatedly tried to nab the UK confectioner, and had been snubbed by Cadbury management at every turn.

Kraft has now taken its bid directly to shareholders, who have until 5 January to decide whether or not to accept the deal.

The European Union is expected to rule on the takeover bid by 6 January.

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