Now that it’s all over (including most of the shouting), it’s time to have a look at what kept financial journalists in print for most of the second half of last year. Indeed, what the Cadbury/Kraft deal eventually lacked in counter-bidders, was more than made up for in rhetoric, not just from management, but also politicians and, of course, that very famous restless investor.

Although both sides can (justifiably) claim victory, as ever, some winners are more equal than others. So the question remains. Who came out on top? There were of course any number of moving parts. But principally the answer lies in (i) which side’s views you believe on multiples and (ii) exactly how much the touted synergies were really worth.