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Kraft gets 75% of Cadbury, to delist shares

Kraft gets 75% of Cadbury, to delist shares
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First Published: Fri, Feb 05 2010. 02 51 PM IST
Updated: Fri, Feb 05 2010. 02 51 PM IST
London: Kraft Foods on Friday said it had 75.41% acceptances from Cadbury Plc shareholders on 4 February in its takeover of the British confectioner and will now move to delist Cadbury no earlier than 8 March.
Kraft said in a statement that assuming it gets 90% acceptances from Cadbury shareholders it intends to move towards the compulsorily purchase of any outstanding shares of Cadbury. It added that its final offer remains open until further notice and urged all Cadbury shareholders to accept its takeover offer.
Kraft announced on 2 February that it had acceptances of almost 72% of Cadbury’s stock to seal its £11.7 billion ($18.4 billion) takeover of Cadbury and create the world’s biggest confectionery group after a near five-month takeover battle.
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First Published: Fri, Feb 05 2010. 02 51 PM IST