U.K.'s takeover panel reviewing Kraft fee, disclosure rules

The U.K. merger regulator may change takeover rules on shareholder votes, fees and disclosure after comments by former Business Secretary Peter Mandelson about Kraft Foods Inc.'s takeover of Cadbury Plc prompted a review.

The Takeover Panel is considering whether the minimum acceptance for approval of a takeover offer should be raised, and whether acquiring companies should have to provide more information on the financing of takeover bids, the London-based regulator said in a statement yesterday.

Kraft, based in Northfield, agreed in January to buy the maker of Creme Eggs and Dairy Milk chocolate for about 11.7 billion pounds ($17 billion) in a deal that created the world's largest confectioner. Mandelson said at the time that companies making takeover bids should reveal their workforce plans and focus on long-term interests rather than short-term gain.