Cadbury deal seals Wall Street legend's legacy
China Daily | Updated: 2010-01-21 07:57
LONDON: Kraft Foods Inc's takeover of Cadbury Plc seals the legacy of Bruce Wasserstein, the veteran dealmaker who died a month after Kraft Chief Executive Officer Irene Rosenfeld made her first bid in September.
Kraft made its offer with help from advisors led by Wasserstein, a pioneer of modern M&A and Lazard Ltd's CEO when he died. Cadbury accepted a higher 11.9 billion-pound ($19.7 billion) bid from Kraft, the world's second-largest food company.
"This deal will be a monument to Bruce," said Philip Keevil, a former Lazard banker who is now a senior partner at Compass Advisers LLP. "Bruce has always taken a view of, let's get the client signed, make the bid and get him up to price."
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