Kraft delisting Cadbury shares

Kraft Foods Inc announced Friday that it will delist shares of Cadbury PLC on the London Stock Exchange, now that it has clinched a takeover of the British chocolate and gum company.

Kraft gave 20 business days' notice of its intention to delist, and said it expects Cadbury to be removed from the London Stock Exchange after 08:00 GMT (3 a.m. EST) on March 8.

Cadbury will also apply to delist its American Depository Shares from the New York Stock Exchange, Kraft said.

Kraft now has acceptances representing 75 per cent of Cadbury shares for the £11.5 billion (US$19.5 billion) offer.

When that level tops 90 per cent, Kraft said it will exercise its right to force the remaining shareholders to sell.

- AP