takeover bid for the British confectionery group as a "horror story."
In comments to the Sunday Telegraph, Felicity Loudon, whose grandfather Egbert Cadbury was managing director of Cadbury Brothers, said she believed it was worth fighting to keep Cadbury out of the hands of North America's biggest food group.
"As a Cadbury I obviously feel particularly saddened by the possibility of one of the last remaining British icons disappearing into an American plastic cheese company."
Kraft, whose brands include Milka chocolate and Oreo biscuits, has until Nov 9 to make a formal offer for Cadbury.
The British group rejected Kraft's cash and shares approach, initially worth 10.2 billion pounds ($16.22 billion), at the start of September.
Loudon told the paper she was unsure if opposition to the bid can be mobilized from the family as she owns only a small number of Cadbury shares and is not particularly close to her brother and half-brothers.
(Reporting by Victoria Bryan; editing by John Stonestreet)
Showing posts with label Cadbury. Show all posts
Showing posts with label Cadbury. Show all posts
Monday, October 05, 2009
DTN News: Business TODAY October 5, 2009 ~ Cadbury Descendant Says Kraft Bid "Horror Story"
DTN News: Business TODAY October 5, 2009 ~ Cadbury Descendant Says Kraft Bid "Horror Story"
* Related Info ~ DTN News: Business TODAY September 16, 2009 ~ Kraft CEO Plans Further Deal Talk With Cadbury dated Sept 16, 2009....(Click here for link)
*Source: DTN News / Reuters
(NSI News Source Info) LONDON, England - October 5, 2009: A member of the Cadbury (CBRY.L) family has described Kraft's (KFT.N) 
takeover bid for the British confectionery group as a "horror story."
In comments to the Sunday Telegraph, Felicity Loudon, whose grandfather Egbert Cadbury was managing director of Cadbury Brothers, said she believed it was worth fighting to keep Cadbury out of the hands of North America's biggest food group.
"As a Cadbury I obviously feel particularly saddened by the possibility of one of the last remaining British icons disappearing into an American plastic cheese company."
Kraft, whose brands include Milka chocolate and Oreo biscuits, has until Nov 9 to make a formal offer for Cadbury.
The British group rejected Kraft's cash and shares approach, initially worth 10.2 billion pounds ($16.22 billion), at the start of September.
Loudon told the paper she was unsure if opposition to the bid can be mobilized from the family as she owns only a small number of Cadbury shares and is not particularly close to her brother and half-brothers.
(Reporting by Victoria Bryan; editing by John Stonestreet)
takeover bid for the British confectionery group as a "horror story."
In comments to the Sunday Telegraph, Felicity Loudon, whose grandfather Egbert Cadbury was managing director of Cadbury Brothers, said she believed it was worth fighting to keep Cadbury out of the hands of North America's biggest food group.
"As a Cadbury I obviously feel particularly saddened by the possibility of one of the last remaining British icons disappearing into an American plastic cheese company."
Kraft, whose brands include Milka chocolate and Oreo biscuits, has until Nov 9 to make a formal offer for Cadbury.
The British group rejected Kraft's cash and shares approach, initially worth 10.2 billion pounds ($16.22 billion), at the start of September.
Loudon told the paper she was unsure if opposition to the bid can be mobilized from the family as she owns only a small number of Cadbury shares and is not particularly close to her brother and half-brothers.
(Reporting by Victoria Bryan; editing by John Stonestreet)
Wednesday, September 16, 2009
DTN News: Business TODAY September 16, 2009 ~ Kraft CEO Plans Further Deal Talk With Cadbury
DTN News: Business TODAY September 16, 2009 ~ Kraft CEO Plans Further Deal Talk With Cadbury
*Source: DTN News / Reuters
(NSI News Source Info) TORONTO, Canada - September 16, 2009: Kraft Foods (KFT.N), North America's biggest food group, plans to hold talks in coming weeks with British bid target Cadbury (CBRY.L) that may lead to a new bid offer for the global No.2 candy and chocolate maker. 
Cadbury's chocolate bars are seen in a shop in London in this June 23, 2006 file photograph.
"In the weeks ahead we look forward to engaging in constructive dialogue with the board and management of Cadbury as we continue to assess the opportunity and consider progressing to a final offer," Kraft's Chief Executive Irene Rosenfeld said in a speech to business students in Toronto.
Kraft wants to buy the British company as it targets growth after revamping its operations in recent years.
(Reporting by Pav Jordan)
Cadbury's chocolate bars are seen in a shop in London in this June 23, 2006 file photograph.
"In the weeks ahead we look forward to engaging in constructive dialogue with the board and management of Cadbury as we continue to assess the opportunity and consider progressing to a final offer," Kraft's Chief Executive Irene Rosenfeld said in a speech to business students in Toronto.
Kraft wants to buy the British company as it targets growth after revamping its operations in recent years.
(Reporting by Pav Jordan)Tuesday, September 08, 2009
DTN News: Business TODAY September 8, 2009 ~ Kraft Foods Makes Pound 10.2 Billion Bid For Cadbury
DTN News: Business TODAY September 8, 2009 ~ Kraft Foods Makes Pound 10.2 Billion Bid For Cadbury
*Source: DTN News / AFP
(NSI News Source Info) LONDON, England - September 8, 2009: US snacks company Kraft Foods launched 
a 10.2 billion pound bid for its British rival Cadbury on Monday, with traders expecting the price to run higher as takeover activity returns to the markets.
Cadbury said it had rejected the offer, worth the equivalent of 16.7 billion dollars or 11.7 billion euros, but Kraft said it hoped the confectionery giant would eventually jump on board.
Cadbury's share price surged by 41 percent after the announcement.
Kraft Foods, the world's second biggest snacks group after Nestle, said it hoped the takeover would increase annual revenues to 50 billion dollars a year. (A bar of Cadbury's chocolate. US giant Kraft Foods has launched a pound10.2 billion takeover bid for Cadbury but the confectionery maker rejected the offer, saying it was too low)
"At the moment traders seem to be happy to speculate that a revised offer could well be forthcoming," said David Jones, chief market strategist at financial betting firm IG Index.
One analyst said a bidding battle may even occur, as takeover activity returns to the market following the worst economic downturn in decades.
Evolution Securities analyst Warren Ackerman, cited by Dow Jones Newswires, said "there is a reasonable chance" that Nestle could take Cadbury's chewing gum business and US group Hershey the chocolate operations.
A tie-up between Kraft and Cadbury would merge leading Kraft brands Oreo biscuits and Maxwell House coffee with Cadbury's Dairy Milk chocolate and Trident chewing gum.
"Kraft Foods Inc. today announces that it has made a proposal to the board of Cadbury plc to combine the two companies," said a statement issued by Kraft to the London Stock Exchange.
The offer "values the entire issued share capital of Cadbury at 10.2 billion pounds," it added.
"This proposed combination is about growth," Kraft Foods chairman and chief executive Irene B. Rosenfeld said in her company's statement.
"We are eager to build upon Cadbury's iconic brands and strong British heritage through increased investment and innovation."
She added: "We hope to engage with the Board of Cadbury on a constructive basis with the goal of consummating a recommended transaction."
But Cadbury, led by American chief executive Todd Stitzer, rejected the proposal, saying it "fundamentally undervalues" the company and its prospects. Cadbury also voiced confidence in its "standalone strategy and growth prospects."
Shares in Cadbury, the world's second biggest confectionery company behind Mars, shot up 40.76 percent to 799.5 pence in afternoon London trade. Nestle rose 1.15 percent to 43.82 Swiss francs in Zurich.
"I do not think that Nestle will counterbid," said independent analyst James Amoroso.
"Nestle has much to gain from the disruption that a Kraft takeover would create. Cadbury and Kraft culture is very different and possibly incompatible. The overlaps between Cadbury and Nestle are considerable so that anti-trust issues would be inevitable. Thus, Nestle would not want to pay the premium."
Kraft Foods said it had proposed 300 pence in cash and 0.2589 new Kraft Foods shares per Cadbury share.
This valued each Cadbury share at 745 pence, 31 percent higher than Cadbury's closing share price last Friday, but below its trading level on Monday.
"We believe that Kraft will need to up its offer to have any serious chance of success, perhaps to 800 pence in cash or higher and may need assistance given that it already has around 15 billion dollars debt," said Jeremy Batstone-Carr, an analyst at the Charles Stanley brokerage.
Kraft Foods said a tie-up would lift its revenues to about 50 billion dollars a year from 42 billion dollars presently.
It added that by combining the groups, plans for about 500 job cuts at Cadbury in Britain would be scrapped.
a 10.2 billion pound bid for its British rival Cadbury on Monday, with traders expecting the price to run higher as takeover activity returns to the markets.
Cadbury said it had rejected the offer, worth the equivalent of 16.7 billion dollars or 11.7 billion euros, but Kraft said it hoped the confectionery giant would eventually jump on board.
Cadbury's share price surged by 41 percent after the announcement.
Kraft Foods, the world's second biggest snacks group after Nestle, said it hoped the takeover would increase annual revenues to 50 billion dollars a year. (A bar of Cadbury's chocolate. US giant Kraft Foods has launched a pound10.2 billion takeover bid for Cadbury but the confectionery maker rejected the offer, saying it was too low)
"At the moment traders seem to be happy to speculate that a revised offer could well be forthcoming," said David Jones, chief market strategist at financial betting firm IG Index.
One analyst said a bidding battle may even occur, as takeover activity returns to the market following the worst economic downturn in decades.
Evolution Securities analyst Warren Ackerman, cited by Dow Jones Newswires, said "there is a reasonable chance" that Nestle could take Cadbury's chewing gum business and US group Hershey the chocolate operations.
A tie-up between Kraft and Cadbury would merge leading Kraft brands Oreo biscuits and Maxwell House coffee with Cadbury's Dairy Milk chocolate and Trident chewing gum.
"Kraft Foods Inc. today announces that it has made a proposal to the board of Cadbury plc to combine the two companies," said a statement issued by Kraft to the London Stock Exchange.
The offer "values the entire issued share capital of Cadbury at 10.2 billion pounds," it added.
"This proposed combination is about growth," Kraft Foods chairman and chief executive Irene B. Rosenfeld said in her company's statement.
"We are eager to build upon Cadbury's iconic brands and strong British heritage through increased investment and innovation."
She added: "We hope to engage with the Board of Cadbury on a constructive basis with the goal of consummating a recommended transaction."
But Cadbury, led by American chief executive Todd Stitzer, rejected the proposal, saying it "fundamentally undervalues" the company and its prospects. Cadbury also voiced confidence in its "standalone strategy and growth prospects."
Shares in Cadbury, the world's second biggest confectionery company behind Mars, shot up 40.76 percent to 799.5 pence in afternoon London trade. Nestle rose 1.15 percent to 43.82 Swiss francs in Zurich.
"I do not think that Nestle will counterbid," said independent analyst James Amoroso.
"Nestle has much to gain from the disruption that a Kraft takeover would create. Cadbury and Kraft culture is very different and possibly incompatible. The overlaps between Cadbury and Nestle are considerable so that anti-trust issues would be inevitable. Thus, Nestle would not want to pay the premium."
Kraft Foods said it had proposed 300 pence in cash and 0.2589 new Kraft Foods shares per Cadbury share.
This valued each Cadbury share at 745 pence, 31 percent higher than Cadbury's closing share price last Friday, but below its trading level on Monday.
"We believe that Kraft will need to up its offer to have any serious chance of success, perhaps to 800 pence in cash or higher and may need assistance given that it already has around 15 billion dollars debt," said Jeremy Batstone-Carr, an analyst at the Charles Stanley brokerage.
Kraft Foods said a tie-up would lift its revenues to about 50 billion dollars a year from 42 billion dollars presently.
It added that by combining the groups, plans for about 500 job cuts at Cadbury in Britain would be scrapped.
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