卡夫食品对英国知名糖果生产商吉百利收购可谓一波三折。去年12月份，卡夫105亿英镑的报价遭到吉百利方面的果断拒绝，接着卡夫大股东沃伦•巴菲特也介入收购案，公开反对卡夫发行股票为收购吉百利融资。随后卡夫与吉百利围绕着收购价格大打“口水战”。不过卡夫方面并没闲着，一方面提高了现金比例，来吸引吉百利董事会批准其现金加股票的收购。而这次的成功交易也对其竞争对手---美国的好时公司形成巨大压力。

After a four-month stand off over price Kraft Foods is buying British candy maker, Cadbury.

Kraft sweetened its cash offer to win over its former rival and reduced the stock offer to make Warren Buffet, its largest shareholder, happy.

At a price of $19.6 billion, and now the Cadbury board's blessing, Kraft now becomes the largest confectioner in the world.

Analysts widely applauded the deal as a win for both companies. The merger gives Cadbury a greater U.S. presence. For Kraft, the merger expands its global reach into markets such as India and Latin America.

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Suzanne Stevens, Senior Editor at the Deal, says Kraft's CEO who also oversaw the Donone acquisition, deserves a lot of credit.

"The people I talk to the people who watch M&A, the people who negotiate these deals do think that Irene Rosenfield has done a really strong job in guiding the company through what has been, you know, at times a contentious bid for a cross-border rival."

As far as favorite candy bars and sweets, analysts say consumers will likely see little change in prices or product offerings.

But the toothsome tie up for some will likely prove to be a sticky problem for Pennsylvania-based Hershey's. With Cadbury off the table, it will be much tougher to grow its international business. Morningstar analyst, Erin Swanson.

"Hershey could look to acquire or establish joint ventures with local or regional players in growing and developing in emerging markets. However, this would not provide the scale benefits that a deal with Cadbury would have provided."

A Hershey bid is not expected and with virtually no regulatory hurdles analysts say the deal is now in the hands of Cadbury shareholders.

财经知识补充

1. M&A: Mergers and Acquisitions 即企业并购，包括兼并和收购两层含义、两种方式。国际上习惯将兼并和收购合在一起使用，统称为M&A，在我国称为并购。好的M&A常带来协同效应synergy,即1+1>2，或文本中出现的scale benefits.

2. Kraft Food： 成立于1903年的美国公司，世界第二大食品公司，世界500强中排名195。巴菲特旗下的巴郡是它最大的机构投资者。旗下知名品牌有：趣多多、太平、鬼脸嘟嘟、麦斯威尔、果珍、达能。（卡夫奇妙酱很好吃的~~）

3. Cadbury：吉百利史威士股份有限公司（Cadbury Schweppes）成立于1824年的英国老牌公司，全球最大糖果公司。曾于2006年发生沙门氏菌丑闻，国内三聚氰胺事件中也受到一定波及。（一直不觉得吉百利的巧克力好吃啊。。。。。。）

4. Hershey’s Company: 好时公司北美地区最大的巧克力及巧克力类糖果制造商；好时公司位于宾夕法尼亚州，是家具有108年历史的老字号公司。（恩，好时巧克力很好吃~~）

5. the Donone acquisition (之前对达能饼业的收购）

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