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December 10, 2009

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Kraft changes hostile bid for Cadbury: EU

EUROPEAN Union regulators said yesterday that Kraft Foods Inc had put forward possible changes to its hostile 9.8 billion pound (US$16.3 billion) takeover of Cadbury Plc to soothe antitrust worries.

The European Commission gave no details when it said it was extending a deadline by 10 working days - from December 14 to January 6 - to examine commitments made by Kraft, based in Illinois.

By that date, the EU's executive must approve the deal or open an in-depth probe that would examine problems more closely.

Companies often agree to sell off units when regulators identify potential competition problems in certain business sectors or regions of the 27-nation European Union.

London-based Cadbury, the maker of Dairy Milk chocolate and Dentyne gum, plans to publish its formal response to the Kraft deal on Monday.


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