Cadbury Shareholders Approve Kraft Takeover

Kraft Foods took control over Cadbury yesterday as 72% of the company’s shareholders accepted a £11.7bn ($18.6bn) takeover bid.

Kraft needed 50% plus one share to take control of Cadbury.

Once Kraft gains 75% shareholder approval it can delist Cadbury shares in London, while at more than 90% it can compulsorily purchase any minorities.

Kraft Foods CEO Irene Rosenfeld said she expects to complete the deal in the coming weeks as remaining Cadbury shareholders come forward to accept the acquisition bid.

Industry analysts believe that Cadbury’s 45,000 workers could lose jobs as Kraft has assured $675m of annual cost savings from the deal.