Kraft hits back at Cadbury claims

Cadbury suitor Kraft hit back at the Dairy Milk maker's bid defence today by claiming that a merger of the two firms would deliver more value "than Cadbury could achieve on its own".

The UK firm yesterday accused the Oreos and Philadelphia maker of trying to buy it "on the cheap" as it set out a robust defence against the hostile £10bn (€11.17bn) takeover offer.