US food giant Kraft is closing in on a €13.7 billion deal to buy confectionery firm Cadbury.

The US company says it’s secured the backing of Cadbury’s board for the bid.

Kraft has had previous offers rebuffed by Cadbury but has recently upped its bid by 9%, and today confirmed that the two companies were “finalising the terms” of a recommended takeover of the Dairy Milk maker.

Cadbury has been in Ireland since 1933 and employs workers at the Cadbury factory in Coolock, Dublin and at the chocolate crumb factory in Rathmore, Co. Kerry.