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14/12/2009
Cadbury Defends Takeover Refusal
Chocolatier giant Cadbury has claimed an international food conglomerate attempted to buy it "on the cheap".
Cadbury rejected Kraft Foods's hostile takeover bid last month, describing it as "derisory".
Board members turned down the £10bn offer, suggesting sales in the last year have indicated there are "exceptional growth opportunities" in its market.
Chairman Roger Carr wrote to shareholders today stressing the significance of Cadbury's brands.
"Cadbury is an exceptional business worth much more than the offer put forward by Kraft," he said.
"Kraft is trying to buy Cadbury on the cheap to provide much needed growth to their unattractive low-growth conglomerate business model. Don't let Kraft steal your company with its derisory offer."
Shareholders have until 5 January 2010 to vote on the deal, which Kraft said was in the "best interests" of both companies.
Cadbury is said to be in talks with US confectionery producer Hershey about an alternative takeover deal.
Cadbury Chief Executive Todd Stitzer said sales performance would continue to "exceed expectations".
He suggested revenues would grow from anywhere between 5% and 7% over the next several years.
He did not comments on the speculation surrounding the Hershey counter-offer.
(PR/BMcc)
Cadbury rejected Kraft Foods's hostile takeover bid last month, describing it as "derisory".
Board members turned down the £10bn offer, suggesting sales in the last year have indicated there are "exceptional growth opportunities" in its market.
Chairman Roger Carr wrote to shareholders today stressing the significance of Cadbury's brands.
"Cadbury is an exceptional business worth much more than the offer put forward by Kraft," he said.
"Kraft is trying to buy Cadbury on the cheap to provide much needed growth to their unattractive low-growth conglomerate business model. Don't let Kraft steal your company with its derisory offer."
Shareholders have until 5 January 2010 to vote on the deal, which Kraft said was in the "best interests" of both companies.
Cadbury is said to be in talks with US confectionery producer Hershey about an alternative takeover deal.
Cadbury Chief Executive Todd Stitzer said sales performance would continue to "exceed expectations".
He suggested revenues would grow from anywhere between 5% and 7% over the next several years.
He did not comments on the speculation surrounding the Hershey counter-offer.
(PR/BMcc)
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19 January 2010
American Firm Buys Cadbury
Directors at UK chocolate producer Cadbury have approved a £11.5bn ($18.9bn) buy-out deal by American food firm Kraft. Kraft said the deal would create a "global confectionery leader". However, fears have been raised over jobs at Cadbury's Bournville and Somerdale manufacturing sites.
American Firm Buys Cadbury
Directors at UK chocolate producer Cadbury have approved a £11.5bn ($18.9bn) buy-out deal by American food firm Kraft. Kraft said the deal would create a "global confectionery leader". However, fears have been raised over jobs at Cadbury's Bournville and Somerdale manufacturing sites.
02 February 2010
Cadbury Deal Closure Looms
Cadbury workers have called on the government to intervene in the takeover bid by a US foods firm. Shareholder of the chocolate produce have until lunchtime today to vote on a £11.5bn ($18.9bn) offer put forward by Kraft. Union members are concerned by the lack of guarantees over job security. Unite has lobbied ministers to back employee retention.
Cadbury Deal Closure Looms
Cadbury workers have called on the government to intervene in the takeover bid by a US foods firm. Shareholder of the chocolate produce have until lunchtime today to vote on a £11.5bn ($18.9bn) offer put forward by Kraft. Union members are concerned by the lack of guarantees over job security. Unite has lobbied ministers to back employee retention.
10 February 2010
Kraft Confirms Cadbury Closure
Business Secretary Lord Mandelson has attacked Kraft Foods over it decision to close a Bristol-based Cadbury factory. Kraft bought the chocolate manufacturer earlier this month, having pledged its commitment to the British brand.
Kraft Confirms Cadbury Closure
Business Secretary Lord Mandelson has attacked Kraft Foods over it decision to close a Bristol-based Cadbury factory. Kraft bought the chocolate manufacturer earlier this month, having pledged its commitment to the British brand.
03 February 2010
Mandelson 'Disappointed' In Kraft
Kraft Foods' failure to provide job assurances to Cadbury's UK staff has "disappointed" the Business Secretary. Lord Mandelson said the US company would not commit itself to managing the chocolate brands in Britain. He spoke after holding talks with Kraft Chief Executive Irene Rosenfeld.
Mandelson 'Disappointed' In Kraft
Kraft Foods' failure to provide job assurances to Cadbury's UK staff has "disappointed" the Business Secretary. Lord Mandelson said the US company would not commit itself to managing the chocolate brands in Britain. He spoke after holding talks with Kraft Chief Executive Irene Rosenfeld.
27 October 2003
Cadbury to cut 10% of its workforce
Up to 5,500 jobs are to go at Cadbury Schweppes as part of a restructuring plan which the company has described as a programme of "ambitious cost reduction and growth initiatives". As part of the 'Fuel for Growth' scheme, the company will seek cuts of £400 million a year by 2007.
Cadbury to cut 10% of its workforce
Up to 5,500 jobs are to go at Cadbury Schweppes as part of a restructuring plan which the company has described as a programme of "ambitious cost reduction and growth initiatives". As part of the 'Fuel for Growth' scheme, the company will seek cuts of £400 million a year by 2007.
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