Kraft wins Cadbury battle as workers rally for jobs

The vote paves the way for Kraft to snap up Cadbury – ending its 186-year history as an independent company.

Kraft's cash-and-shares deal, recommended by the Cadbury board two weeks ago, values the UK firm at around 11.4bn.

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

They pressed for a new law to be introduced to prevent any more British "icons" being bought up by a foreign firm.

Investors holding 71.7 per cent of Cadbury's shares backed the takeover.

The offer will remain open for shareholders who have yet to accept until further notice.

When the US giant passes the 75 per cent threshold it will take the company off the stock market, and when it reaches 90 per cent support it can automatically buy up the remaining shares.

Kraft chairman and chief executive Irene Rosenfeld said the combined business had a "phenomenal future".

"Together we have impressive global reach and an unrivalled portfolio of iconic brands, with tremendous growth potential.

"I warmly welcome Cadbury employees into the Kraft Foods family and look forward to meeting many of them in the days and weeks ahead."

Ms Rosenfeld had talks with Shadow Business Secretary Ken Clarke over Cadbury's future yesterday.

Cadbury employs around 45,000 staff in 60 countries. It has 5,600 staff at eight manufacturing sites in the UK and Ireland, including 800 at its Bassett's Liquorice Allsorts plant in Sheffield.

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

Speaking at yesterday's demonstration, 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."

Before the protest, he said: "The fate of manufacturing workers in Terry's of York, who found that Kraft ownership saw their plant close, weighs heavily on the minds of the Cadbury workforce. Kraft cared little for the great history of that plant or for the skills of its workforce."