Not so much shock and awe as choc and bore. Kraft’s opening salvo now the battle for Cadbury has begun in earnest was surprisingly short on firepower. By sticking to the terms of September’s indicative offer, worth 745p per share, Kraft’s sliding share price and exchange rate moves meant its formal bid was worth only 717p when it was published – and dropped further on Monday. Kraft has rightly set itself strict financial criteria for a deal. But by tossing in such a low bid – in the first £1bn-plus hostile transatlantic takeover since a Goldman Sachs-led consortium bought Associated British Ports in 2006 – it risks losing the initiative.

The US food group is playing the long game, hoping its share price will recover – as memories fade of its sub-par earnings last week – so that its bid value rises. UK rules give it 28 days to send its offer to shareholders, then another 46 in which it could raise its offer. Absent any other bidder, it presumably hopes that if it can deflate price expectations any subsequent increase will appear generous.