Shareholders back Kraft's bid for Cadbury

US FOOD giant Kraft last night won its five-month battle for control of Cadbury after shareholders backed its controversial takeover offer.

The deal, which was shown the green light by 72 per cent of Cadbury investors, is set to end the chocolate manufacturer's 186-year history as an independent company. While the 72 per cent majority effectively seals victory for Kraft, the US giant will have to win 75 per cent backing before it can de-list Cadbury from the London Stock Exchange as intended.

At more than 90 per cent, it can compulsorily buy up any minority share holdings.

The deal does not require approval by Kraft shareholders.

Kraft's cash-and-shares offer, which was recommended by the Cadbury board two weeks ago, values the firm at some 11.4 billion. Under the terms of the deal, which is expected to close later this month, Cadbury shareholders receive 500p cash and 0.1874 new Kraft shares for each Cadbury share they hold.

The result came as hundreds of Cadbury workers staged a protest in Westminster to call for guarantees for their jobs.

They pressed for a law to be introduced to prevent the loss of any more British "icons" to foreign buyers.

Jack Dromey, deputy general secretary of Unite, called for "cast-iron guarantees" over the future of workers at the business.

He said: "This is a sad day for Britain. A world-class sector of British excellence is being taken over by a debt-laden US company."