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Kraft agree price to melt Cadbury shareholders

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Kraft agree price to melt Cadbury shareholders

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The American food giant Kraft have confirmed that they have come to an agreement with the board of Cadbury to take the company over.

Kraft had tried a hostile bid for the firm valued at 12-billion euros, but that had been rejected by the Cadbury board all along.

Now they have upped their offer, and the talks have turned friendly.

The new bid — reported to be almost one euro per share — makes the deal worth 13.3-billion euros, and will create the world’s biggest confectionary group.

But it also marks the end of independence for a British institution that began 186 years ago.

The unions are not happy with the deal. They claim Kraft will have to lay off tens of thousands of workers to achieve their savings targets.