Cadbury issues defense document against Kraft; sends sterling tumbling
Written December 14, 2009 at 2:28 AM EST by Vincent Facchino
Cadbury’s chief executive will make a staunch defence of the confectionery group’s future as a standalone company as he urges shareholders to reject Kraft’s £9.9bn hostile bid.
Based on this news a UK clearer began selling large amounts of Gbp/Chf. This sent Gbp/Usd to trade off 60 points to 1.6220. Also Eur/chf came of 20 points to 1.5110. Gbp/Chf has given up 80 points in last 30 minutes to trade down to 1.6705.
Categories: Forex News | Tags: GBP
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