Cadbury investors okay Kraft bid

Kraft Foods has won the battle for control of Cadbury after shareholders of the 186-year-old chocola

The investors, holding 71.7 per cent of equity in the British company, backed the takeover deal, thus creating the world's largest confectioner with global sales of $50bn spread across 160 countries.

Kraft is expected to soon have the 75 per cent equity needed to take Cadbury off the stock market.

Unions fear Kraft will slash jobs to recover the takeover expenditure. The American food giant has debts estimated around £22bn. Cadbury employees have staged protests outside Parliament, calling for the government to guarantee jobs.

Kraft's chief executive Irene Rosenfeld said the combined business had a "phenomenal future" and the takeover would be good for British manufacturing jobs.

Business Secretary Peter Mandelson after meeting Rosenfeld said: "Ms Rosenfeld confirmed that manufacturing would continue to be located here and that she expects the UK will be a net beneficiary."