4 February 2010 / AP, ILLINOIS
Cadbury PLC shareholders have approved Kraft Foods Inc.’s roughly $19.5 billion offer to acquire the British candy maker -- the final step in creating the global food giant.
The focus now shifts to how Kraft will combine the British and American companies and prove it was worth the often-bitter fight. Kraft announced Tuesday that nearly 72 percent of Cadbury shareholders voted in support of the deal. Together, the companies have roughly $50 billion in annual revenue through sales in 160 countries with their product lineup ranging from Kraft Macaroni & Cheese to Cadbury’s Creme Eggs.
The deal gives Kraft access to critical growing international markets like India and Latin America where Cadbury thrives and ups its presence in the lucrative candy and gum market. “This combination is about growth and it is about the opportunity to create a global powerhouse,” Kraft CEO Irene Rosenfeld said in an interview with The Associated Press.
