DealZone

DealZone Daily

October 23, 2009

Talk continues to swirl around Kraft’s potential bid for Cadbury. On Thursday Reuters reported a top shareholder in the British confectioner would accept 820 pence a share — well above Kraft’s first cash and shares offer but only a little higher than where the stock has been trading in recent days.

Activist investor Nelson Peltz, who has stakes in both Cadbury and Kraft, may now become a factor, a report says. A contractual obligation not to criticise Kraft’s management comes to an end on Friday. Will fireworks ensue when the gag is removed?

Other deal-related news in Friday’s papers include:

* BP Plc (BP.L) has had talks with Ghana’s national oil company about a possible joint bid for Kosmos Energy’s stake in the huge Jubilee oilfield off the coast of the country, Bloomberg said, citing two people familiar with the matter.

* China Resources Enterprise Holdings (0291.HK) is expected to sell its non-core assets to fund its acquisition of a hypermarket in China from its parent for up to HK$7 billion.

* More details are emerging of an IPO for fund manager Gartmore, which may be seeking to raise 500 million pounds from investors.

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