The business sale story of the decade (so far) has ended in defeat for that sweetest of British institutions: Cadbury. After maintaining last month that it would not be swayed by a revised offer from US food giant Kraft, the confectioner's board advised shareholders to give in and accept the cheese manufacturer's proposal of 840 pence per share, valuing the company at £11.5 billion.
Attention in the Midlands – home to Cadbury's Bournville factory – immediately turned to the inevitable job cuts expected to take place as Kraft embarks on a cost-cutting exercise to cover the amount spent on the takeover.
"We have great respect for Cadbury's brands, heritage and people," insisted Irene Rosenfeld, chairman and chief executive of Kraft Foods. "We believe they will thrive as part of Kraft Foods."
Kraft's previous offer for the maker of Dairy Milk, Milk Tray and Flake valued the company at £10.5 billion - a bid described by Cadbury chairman Roger Carr as an attempt to buy the firm "on the cheap".
Speaking to Sky News today, he said the final decision to sell the business was sad but the "right thing" to do nonetheless: "At the end of the day, Kraft have paid a price that the shareholders believe is at the tipping point of recognising tomorrow's price today." 
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