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Kraft to sell Romanian confectionary business

Firm must sell off unit as part of Cadbury's acquisition

08 July 2010

Kraft has negotiated the sale of the Kandia-Excelent business it acquired as part of its takeover of Cadburys.

The industry giant has agreed the sale of the Romanian confectionary firm to Oryxa Capital for an undisclosed amount.

Oryxa Capital, an international investment fund, will take over a range of Kandia-Excelent brands such as Rom, Magura, Kandia and Silvana.

It follows the sale of its Polish business, Cadbury's E Wedel, to a Japanese candy maker last week.

Kraft was required to sell the two firms in order to gain clearance from the European Commission for its $19.5 billion (£12.8 billion) takeover of Cadburys.

Following six-months of intense negotiations, the US cheese firm finally bought Cadburys in January to create the world's biggest confectionery group.

Kraft, founded in 1903, is the second largest food company in the world and owns brands including Dairylea and Philadelphia.

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