LONDON—The majority of Cadbury shareholders approved Kraft Foods, Inc.’s $19.5 billion purchase bid that would combine the two confectionary companies into the No. 1 biggest candy companies in the world. The deal is expected to close this month.
As reported by the Business Standard, the takeover bid has received European Union regulators approval, provided the Kraft Foods sells off the British confectioner's Polish and Romanian chocolate businesses.
All eyes now focus on how the Kraft will combine the companies. According to the Associated Press, Kraft did not comment if job cuts are planned but anticipates $675 million in savings from combining the two companies. Cadbury and Kraft have about 140,000 employees worldwide.
