FTSE 100 pushed higher on Cadbury deal

Monday 7th September 2009

Cadbury has lifted the FTSE 100 higher after a takeover offer from Kraft sent the group's stock price soaring 37.15 per cent in early trade.

The confectioner has rejected the £10.2 billion deal, but US food giant Kraft still hopes to come to an agreement.

News of the offer helped lift other European food groups, with Associated British Foods up by 3.69 per cent and Unilever up by 2.53 per cent.

Most stocks on the index were rising in early trade, with the exception of HSBC – down by 0.67 per cent – and several utilities.

According to a report in the Sunday Times, HSBC has made a bid for Dutch financial group ING's private banking businesses, although neither group has commented on the story.

Over on Wall Street, markets were up on Friday following better-than-expected unemployment data.

The Dow Jones ended 1.03 per cent higher, while the S&P 500 jumped 1.31 per cent.
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