Kraft reaches threshold to acquire Cadbury
February 2, 2010
by Keith Nunes
NORTHFIELD, ILL. — Holders of 71.73% of Cadbury P.L.C.’s outstanding shares have accepted the acquisition offer made by Kraft Foods Inc. and Cadbury is now a part of Kraft.
“The combination of Kraft Foods and Cadbury creates a global powerhouse in snacks, confectionery and quick meals,” said Irene Rosenfeld, chairman and chief executive officer. “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.”
The combined company will have strong positions in snacks, confectionery and quick meals, and annual revenues of approximately $50 billion, according to Kraft Foods.