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[Chetan]

The BBC reports that Kraft Foods has made an offer of 10.2 billion pounds ($16.7 billion) for Cadbury but Cadbury's board has rejected the offer.
Kraft said that the purchase of the maker of Dairy Milk would protect jobs in the UK - including saving a factory earmarked for closure.



The board of Cadbury has rejected the approach, Kraft said.

Kraft said it wanted to build on Cadbury's brands and that a deal would create "a global powerhouse in snacks, confectionary and quick meals."
Reuters reports that the combined company would have revenues exceeding $50 billion. Kraft also says it would be a "global powerhouse in snacks, confectionery and quick meals, with an exceptional portfolio of leading brands around the world."

The Financial Times also has a story on Kraft's rejected Cadbury bid. The Guardian describes the $10.2 billion offer as a hostile bid and says Kraft it is "committed to working towards a recommended transaction and to maintaining a constructive dialogue."