FTSE down more than 50 points

The FTSE 100 Index slipped more than 1% by noon today as weakness in banking stocks offset one of the London market's biggest takeover deals of recent times.

Cadbury shares jumped 3% after it accepted defeat in its long-running takeover tussle and recommended that its shareholders back US food giant Kraft's 840p a share or £11.5bn (€13.13bn) takeover offer.