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.

Actavis plc agreed to pay about $66bn (€53bn) for Allergan, a deal that creates a new top 10 drugmaker and ends Valeant Pharmaceuticals International’s attempt at a hostile takeover of the maker of Botox.