Kraft agrees £11.5b takeover deal with Cadbury's board

US food company Kraft has agreed a deal with the board of Cadbury’s worth £11.5b ($18.9b) to take over the British chocolate institution.

US chocolate brand Hershey’s, which has tabled rival bids for the Birmingham company could yet come in with a last minute attempt to hijack the deal, it is thought.

Shares for the deal have been agreed at £8.40 per share with chairman of Cadbury Roger Carr describing it as "good value for Cadbury shareholders."

Details of the agreement are still being finalised at the time of writing.