UK - The Cadbury Pension Fund has sought to boost its value to shareholders by completing a £500m (US$815m) buy-in insurance contract with Pension Insurance Corporation.
The confectioner struck the bulk annuity deal just two days after rejecting Kraft's hostile £10bn takeover bid.
The insurance policy - effectively a 50 year contract - will be held as an asset of the Cadbury Pension Fund, matching a proportion of the fund's liabilities.
PIC chief executive John Coomber said: "We have been working with the trustees for over a year in order to meet their requirements with the most appropriate transaction for the fund. We are very pleased to have been able to help the trustees achieve this important step in securing pensioner benefits."
PIC partner Jay Shah said the pension fund position was "critical" in any mergers and acquisitions situation.
He said: "Companies taking action in creating more certainty over their pension scheme are rewarded, both in terms of management and company valuation. Analysts don't like uncertainty."
Shah described the deal as a "milestone" for buy-in contracts.
He added: "It is the first such deal to be done with such a well known company - a household name.
"We've seen significant pickup in the buy-in sector in the last quarter. I'd expect to see more activity in this area across all sectors in the future."
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.
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