September 8/London/AP -- Kraft Foods Inc. proposed a 10.2 billion pound ($16.7 billion) takeover of Cadbury PLC, but the offer was immediately rejected by the British maker of chocolate, gum and candy.

Kraft was undeterred, however, and said it would continue to seek a transaction which Cadbury's board could support. Cadbury shares shot up 34% on the London Stock Exchange.