Morning Markets: Cadbury deal fails to fire FTSE

Cadbury shares have bucked a poor start to FTSE 100 trading this morning, climbing over 3% on news it has agreed a £11.5bn takeover bid by Kraft.

While the confectionary giant has added 27p to 834.5p on the reported 840p per share takeover approval, it has failed to fire the broader market, with the FTSE 100 falling 21.95 points (0.4%) to 5,472. SABMiller has suffered the morning's largest decline, down 2.25% to £17.79 on a fall in third quarter lager sales. Meanwhile, Barclays declined 2.01% to 311.35p, Land Securities fell 1.3% to 684p and Intertek Group dipped 1.13% to £12.27. A Q3 sales rise boosted Burberry, up 2.75% to 616p; while Severn Trent added 2.48% to £11.16. In Japan, the Nikkei fell 127.02 points (1.2%) to ...