LONDON (AFP) – US giant Kraft Foods said on Friday that it will delist Cadbury from the London stock market next month after winning control of more than 75 percent of the group's shares.
Kraft announced in a statement that it has received acceptances from shareholders representing 75.41 percent of stock, allowing it to give notice to delist Cadbury from the London Stock Exchange.
The move will end Cadbury's 186-year history as an independent British company, whose top-selling products include Dairy Milk chocolate bars, Creme Eggs and Trident chewing gum.
Kraft said Cadbury's stock market listing will be cancelled on March 8, when it will be re-registered as a private company.
The US group repeated its call for any remaining shareholders to accept its takeover offer, which valued Cadbury at about 11.9 billion pounds (19 billion dollars, 13.6 billion euros) or 850 pence per share.
When Kraft reaches the 90-percent acceptance level it will be able to automatically snap up any remaining stock free credit report online.
Kraft, the world's second-biggest food company, sealed the deal on Tuesday, when it declared its bid "unconditional," meaning all of its takeover conditions had been met.
As a result, Cadbury announced on Wednesday that chairman Roger Carr and chief executive Todd Stitzer would leave the group.
Cadbury management decided to back the Kraft takeover in January, ending months of opposition.
Kraft boss Irene Rosenfeld was widely credited with masterminding the Cadbury takeover but it ran into popular opposition amid concerns over the future of some 5,600 staff at eight Cadbury factories in Britain and Ireland.
