Page last updated at 12:22 GMT, Monday, 7 September 2009 13:22 UK

Cadbury snubs 10.2bn Kraft bid

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US giant Kraft Foods has proposed buying UK confectionery firm Cadbury in a £10.2bn ($16.7bn) move which it says would create "a global powerhouse in snacks, confectionery and quick meals".

Cadbury, whose shares leapt 40% on the news, said the approach "fundamentally undervalues" the company.

Hugh Pym reports.

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