Cadbury to delist from stock exchange

City A.M. Reporter
KRAFT Foods has secured 75.41 per cent acceptances from Cadbury Plc shareholders in its takeover of the British confectioner and will now move to delist Cadbury form the London Stock Exchange.

Kraft said in a statement that assuming it gets 90 per cent acceptances from Cadbury shareholders it intends to move toward 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 per cent of Cadbury’s stock to seal its £11.7bn ($18.4 billion) takeover of Cadbury and create the world's biggest confectionery group after a near five-month takeover battle.

Chairman Roger Carr, chief executive Todd Stitzer and chief financial officer Andrew Bonfield are all to step down.