Investor takes €5bn bite out of Cadbury owner

Activist investor William Ackman has built a stake worth about $5.5bn (€5.05bn) in Mondelez International, the maker of Cadbury chocolate and Oreo biscuits, in what is seen as an attempt to push the company to boost earnings or sell itself.

Mondelez has already taken steps to boost its operational performance, including shutting factories and shedding businesses.

The company has also set a share buyback of up to $13.7bn. However, analysts said Mr Ackman probably wants more. “We suspect Mr Ackman’s primary goal is to have Mondel¯ez sold,” JP Morgan analyst Ken Goldman wrote in a note.