| The iconic British chocolate manufacturer Cadbury fell last night to an Ł11.7bn takeover by the US food conglomerate Kraft, the Times reports. The deal, struck after hours of negotiations, brings to a conclusion one of the most fiercely contested takeover battles the City has seen in recent years. It also ends a proud history for Cadbury as an independent company. Under the deal that Roger Carr, Cadbury’s chairman, has agreed to recommend to shareholders, Kraft will pay 840p for each Cadbury share and agree to pay a 10p-per-share dividend, making 850p in total. More than 400 of Britain’s senior investors, including hedge fund managers, pension fund investors and private bankers, flocked to Goldman Sach’s Fleet Street office yesterday to kneel at the feet of Mammon’s oracles and hear how they reckon money can be made in 2010. The Goldman annual global strategy conference was so oversubscribed that delegates spilt into three overflow rooms and had to watch proceedings on video screens. The bank’s record in correctly predicting the remarkable stock market bounce of last year has won it new followers, with many more delegates than a year ago, the Times reports. Meanwhile, Britain will turn in stronger growth than any other major economy next year, Goldman Sachs has declared, predicting a significantly stronger-than-expected recovery in the coming years. The investment bank said that the pound's 25pc depreciation over the course of the crisis would help boost exports, and broader economic growth, and turn the economy around, the Telegraph reports. |
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