Cadbury accepts improved offer from Kraft
British confectionery group Cadbury has caved in to an improved takeover offer from US rival
Kraft Foods, valuing Cadbury at 13.1 billion euros ($18.9 billion).Cadbury, founded in1824, is the 2nd largest confectionary maker, after Mars-Wrigley.
The Kraft Company is taking over Cadbury's in the UK, read about it here Kraft is the world's second-biggest snacks group after Swiss-based Nestle.
This amount of money confounds me!
But some history:
- John Cadbury, a Quaker, opened a shop in Birmingham in 1824, selling tea, coffee and hot chocolate - as an alternative to alcohol
- Merged with rival confectioner J.S. Fry & Sons in 1919
- Merged with Schweppes drinks business in 1969.
- Employs about 45,000 people in 60 countries
KRAFT FOODS
- Founded in Illinois as a cheese wholesaler in 1903
- Bought in 1988 by Philip Morris, which also purchased Nabisco for $19.2bn in 2000 before integrating it into Kraft Foods
- More than 40 of its brands are more than 100 years old
- Has 98,000 employees and 168 manufacturing and processing facilities worldwide.
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