Consumer Goods
Cadbury Surges 100% on Kraft Deal
NEW YORK -- (TheStreet) -- Kraft(KFT) is set to complete its deal with Cadbury(CBY) Tuesday while its CEO discusses job protection with the UK's business minister.
The news has sent Cadbury ADR's skyrocketing by 102.5% to $108.20. Kraft's CEO Irene Rosenfeld and the UK's business minister Peter Mandelson will meet at around 6:30 p.m., London time, according to reports. Cadbury union workers have been protesting the deal ahead of the meeting, fearing the loss of thousands of jobs once the roughly 200-year old British confectioner loses its independence to Kraft. Mandelson is looking to protect about 4,500 British jobs subsequent to the takeover, according to Reuters. Kraft's offer for Cadbury is expected to become unconditional on Tuesday. Reuters is reporting that Kraft should comfortably win shareholder support for the $18.6 billion (11.7 billion pound) deal. Kraft is predicted to win more than the 75% of votes for the deal, at which point it would be allowed to delist Cadbury shares in London. Kraft only needs 50% plus one share to win control of Cadbury. The deadline for Cadbury shareholders to cast their votes was 1:00 p.m., London time. Kraft stock has risen 1.9% to $28.60, while Hershey(HSY), a former rival suitor for Cadbury, is up 2.1% at $37.60. Meanwhile consumer food stock General Mills(GIS) is 0.4% higher at $71.30. -- Reported by Andrea Tse in New YorkRELATED STORIES:
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