Cadbury shareholders are sitting pretty, now that the UK confection-maker has surged past Kraft’s hefty offer price for it.
The other winners, obviously, are the banks.
The Telegraph has the rundown:
Lazard (LAZ), the US investment bank advising Kraft, was likely to receive 60pc to 70pc of the commissions paid by Kraft, with the remainder spread among other advisers such as lawyers and accountants, according to an executive at a London investment bank.
Wall Street bulge-bracket banks UBS (UBS), Goldman Sachs (GS) and Morgan Stanley (MS), which advise Cadbury, would take the vast majority of the fees paid by British confectionery group.
Of course no deal is actually done yet, but almost everyone believes that there will be a competitive auction for Cadbury before the two parties actually walk away. Hundreds of millions of dollars of banker fees are set to be paid out on the deal, which will be at least around $17 billion.