Cadbury is to be taken over by the US food company Kraft after its board approved a new increased bid.

吉百利董事会核准通过一个新的竞价，将被美国食品公司卡夫食品收购。

The Cadbury board has advised its shareholders² to accept a new offer of 840 pence便士 a share - valuing the company at £11.5bn ($18.9bn).

Kraft said the deal would create a "global confectionery糕点糖果 leader".

But there are renewed fears over possible job cuts at Cadbury's UK operations as a result of the agreed takeover接管，验收.

Shareholders have until 2 February to give the deal their backing, with the US confectioner Hershey apparently³ out of the race没有成功的可能.

The offer will consist of 500 pence in cash, with the rest made of Kraft shares. Kraft will borrow £7bn ($11.5bn) to finance the deal.

"We believe the offer represents good value for Cadbury shareholders... and will now work with the Kraft Foods' management to ensure the continued success and growth of the business," said Cadbury's chairman Roger Carr.

Irene Rosenfeld, the chairman and chief executive of Kraft Foods, said the deal was good news for shareholders and staff.

"We have great respect for Cadbury's brands, heritage遗产，传统 and people," she said. "We believe they will thrive as part of Kraft Foods."

Shareholder¹ approval

The deal is a significant increase on earlier Kraft bids, which were flatly直截了当地，断然地 rejected by the Cadbury board as "derisory嘲笑的，嘲弄的".

Kraft's previous offer valued the company at £10.5bn - a bid Cadbury's chairman Roger Carr said was an attempt to "buy Cadbury on the cheap".

Shareholders are expected to agree to the takeover.

David Cumming, head of UK equities权益，股票 at Cadbury shareholder Standard Life, said that he would be agreeing, despite hoping for a higher price.

"I won't go against the view of Cadbury's management," he told the BBC.

"Kraft are getting a good deal. It's sad that Cadbury is gone, but business is business."

In early trading on Tuesday, Cadbury shares were up 3.5%.