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Kraft Foods Inc. (KFT) has obtained $9 billion in bridge financing from a group of nine banks to back its GBP10.2 billion ($16.7 billion) bid for the U.K.'s Cadbury PLC (CBY), Reuters news agency reported, citing bankers.
The nine banks include lead underwriters Citigroup Inc. (C), Deutsche Bank AG (DB), HSBC Holdings PLC (HBC) and Barclays PLC (BCS), the report said.
Kraft needs to show the U.K.'s Takeover Panel that it has committed financing in place before Nov. 9, when it has to bid for a second time or walk away for six months, after Cadbury rejected its initial cash and share bid in September, the report said.
Full story: http://www.reuters.com/article/mergersNews/idUSN0351956920091103
(END) Dow Jones Newswires
11-03-09 2353ET
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