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Wasserstein, a prominent deal maker and CEO of Lazard Ltd., died Wednesday at age 61 after being hospitalized earlier this week with an irregular heartbeat. Lazard, one of Wall Street's top merger and acquisition outfits, is Kraft's lead financial adviser in its bid to buy British confectionary giant Cadbury.
Kraft made an unsolicited $16.7 billion proposal for Cadbury in early September. Under British takeover rules, Kraft must now make a formal offer for Cadbury -- one analysts expect to be richer than the first bid -- by November 9. In a statement, Kraft offered its "deepest sympathies" to Wasserstein's family and friends.
"He was a trusted advisor and will be missed dearly," the statement said. The statement also said Lazard's status as lead financial advisor "remains unchanged."
Erin Swanson, a stock analyst at Morningstar Inc., said she believes Wasserstein's death won't hurt Kraft's effort to put together a formal offer for Cadbury.
"Obviously Wasserstein was no wallflower and was involved in the process, but there was a (Lazard) team working on (the deal). I don't think this will have any effect on Kraft's ability to make a bid by Nov. 9."
Fox-Pitt Kelton analyst David Trone said Kraft would likely keep Lazard on board "if for no other reason than the political incorrectness of dismissing them."
Edgar Roesch, a stock analyst at Soleil Securities, said Wasserstein's death could have an impact on a Kraft-Cadbury deal if relations between the two companies become particularly prickly.
Right now, Kraft has a playbook for the deal and things are moving along on "autopilot" for the company, Roesch said. And while Cadbury's top executives have so far shot down Kraft's proposal, they may have to change their stance if Kraft delivers a higher, more shareholder-friendly bid.
Still, if they remain adamantly opposed to a deal and "personality conflicts get in the way, I think Wasserstein's death could hurt things," Roesch said. Wasserstein could use his "gravitas in the financial world" to help mediate conflicts between Kraft and Cadbury's top brass, he said.
The Associated Press contributed to this report.
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