Cadbury-Kraft merger has bondholders braced for new wave of M&A


European investors believe the takeover of Cadbury by Kraft could herald a stream of M&A finance bonds. While that may present bondholders with event-driven opportunities, the spectre of downgrades hangs over the outstanding bonds of businesses with takeovers in their sights.

The takeover in January of the UK chocolate maker Cadbury by US food giant Kraft drew a five-month headline-generating spat to a close. Cadbury’s own board had rejected Kraft’s initial advances and major Kraft shareholder W

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