Kraft’s takeover of UK chocolate-maker Cadbury may have left a bitter taste in the mouths of patriotic types, but bankers and lawyers have spent days appreciating its sweet rewards with a sense of shared camaraderie.
In an otherwise subdued period, the $22.5bn (€16bn) transaction, which reached its climax last week, provided gainful employment for 12 financial advisers and at least 14 different law firms. Some of these were retained, long-term advisers to Cadbury, Kraft and other interested parties including US confectioner Hershey and Italian rival Ferrero. However, most were drafted in the later stages of a bidding war that lasted four months. In many cases, they were recommended by their counterparts at favoured banks or law firms.