Kraft Foods (KFT) Succeeds in Cadbury (CBY) Acquisition
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Kraft Foods (NYSE: KFT) is pleased to announce that it has acquired control of Cadbury plc (NYSE: CBY). The combination creates a global powerhouse in snacks, confectionery and quick meals with annual revenues of approximately $50 billion and sales in approximately 160 countries. Holders of 71.73 percent of Cadbury's outstanding shares have already accepted Kraft Foods' Final Offer – as recommended by the Cadbury board. As such, all of the conditions of the recommended Final Offer for Cadbury have been satisfied or waived, allowing Cadbury to become part of Kraft Foods.
"The combination of Kraft Foods and Cadbury creates a global powerhouse in snacks, confectionery and quick meals," said Irene Rosenfeld, Chairman and CEO. "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. This combined company has a phenomenal future, and I firmly believe it will deliver outstanding returns to our shareholders."
"The combination of Kraft Foods and Cadbury creates a global powerhouse in snacks, confectionery and quick meals," said Irene Rosenfeld, Chairman and CEO. "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. This combined company has a phenomenal future, and I firmly believe it will deliver outstanding returns to our shareholders."
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