Cheese to eat Chocolate?

Tweet

What would a cheese company do with a chocolate company? Cadbury accepts Kraft’s $19.5 billion buyout bid Deal will make world’s largest chocolate maker, 2nd biggest gum producer updated 8:36 a.m. PT, Tues., Jan. 19, 2010 LONDON - After months of fierce resistance, Cadbury's about-face to accept a sweetened 11.5 billion pound, or $19.5 billion, takeover from Kraft Foods Inc. — forming the world's biggest candy company — has alarmed British unions, lawmakers and chocolate lovers. With Cadbury shareholders expected to agree to the deal and a rival bid from The Hershey Co. looking less likely, opponents fear the U.S. multinational's impact on one of Britain's oldest and best-loved brands. Just days after Cadbury declared its suitor a "low growth" company with a "long history of underperformance," the British maker of Dairy Milk chocolates and Dentyne gum capitulated to a raised bid of 840 pence, or $13.78, per share "This is a very sad day for U.K. manufacturing. A successful, iconic, independent U.K. brand will now be owned by a giant company with massive debt," said Jennie Formby of the Unite union, which had campaigned against Kraft's offer.