EU: Kraft Alters Deal for Cadbury

Cadbury rejected a takeover bid by Kraft Foods. candy sweets chocolate
CBS/AP
European Union regulators said Wednesday that Kraft Foods Inc. had put forward possible changes to its hostile 9.8 billion pound ($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 Dec. 14 to Jan. 6 - to examine commitments made by Kraft, based in Northfield, Illinois.

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

London-based Cadbury, the maker of Dairy Milk chocolate and Dentyne gum, plans to publish its formal response to the Kraft deal on Dec. 14.

Kraft, the maker of Oreo cookies, Nabisco crackers and its namesake cheese, took its offer straight to shareholders of the British candy company on Friday. In doing so, it bypassed the Cadbury board, which had already rejected an almost identical offer last month as "derisory."