Kraft told to increase bid for Cadbury

US raider Kraft could have to pay at least £12.4bn (€14.1m) to succeed in its hostile bid for Cadbury, one of the UK firm's major investors said today.

Standard Life, which owns less than 1% of the Dairy Milk maker, said the Dairylea-to-Oreos giant would have to pay "above £9" a share to win its support.