Kraft wins Cadbury shareholder approval

Kraft Foods has won control of UK confectioner Cadbury after holders of almost 72 percent of the companyÔÇÖs shares accepted the $18.6 billion takeover.  The deal, which brings a five-month battle over the company to an end, will create the worldÔÇÖs biggest confectioner.  Once Kraft gains 75 percent of Cadbury's shares, it can delist them. At more than 90 percent, it can force remaining Cadbury shareholders to sell.  Kraft needed just 50 percent plus one share to take control of Cadbury. The deal is expected to close over the next few weeks as remaining Cadbury shareholders accept the cash and stock bid.  KraftÔÇÖs CEO Irene Rosenfeld is now taking the next steps toward integrating Cadbury into the Northfield, Illinois-based company. She met on Tuesday with the UKÔÇÖs Business Secretary Peter Mandelson, who wants to protect about 4,500 British Cadbury jobs.  Commenting on KraftÔÇÖs success, Rosenfeld said: "The combination of Kraft Foods and Cadbury creates a global powerhouse in snacks, confectionery and quick meals. Together we have impressive global reach and an unrivalled portfolio of iconic brands, with tremendous growth potential.  ÔÇ£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."  Cadbury's annual sales are only one-fifth of Kraft's, but the combined company will have more than $50 billion in sales, from over 160 countries.  Kraft will still be the number two food group after Nestl├® but will overtake Mars to become the world's top confectioner.  Rival confectioner, Pennsylvania-based Hershey, could lose its license to sell Cadbury products in the US if Kraft decides to bring production of those products in-house after current agreements expire.  The Kraft-Cadbury portfolio will include Dairy Milk chocolate, Milka and Toblerone chocolates, Halls cough drops, Trident gum, Oreo cookies, Maxwell House coffee and Philadelphia cream cheese.  Kraft has promised $675 million of annual cost savings from the deal, which means some of Cadbury's 45,000 workers around the world will lose their jobs, according to analysts.