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Cadbury denies softening hostile stance to Kraft bid

28 Sep 2009

LONDON, UNITED KINGDOM: British confectionery maker Cadbury denied that the group had softened its hostile stance towards a takeover bid from US giant Kraft Foods, despite recent press reports to the contrary.

Cadbury denies softening hostile stance to Kraft bid

Media reports last week stated that chief executive Todd Stitzer had admitted that a tie-up with Kraft made "some strategic sense."

However, Cadbury said in a statement on Friday, 25 September 2009, that Stitzer did not believe this and that his comments had been "misconstrued".

Kraft launched its £10.2 billion (US$16.7 billion, €11.7 billion) bid for Cadbury this month, but Cadbury rejected the offer and said it "fundamentally undervalued" the group.

Kraft has said that it hopes Cadbury will eventually jump on board.

Cadbury is the world's second biggest confectionery company behind Mars and its chocolate brands include Cadbury Creme Egg, Dairy Milk, Green & Black's and Flake. It also makes Trident chewing gum and Halls throat sweets.

Kraft, the world's second biggest snacks group after Nestle, produces top-selling products like Kraft Singles cheese slices, Oreo cookies, Kenco coffee and Milka chocolate.

Source: AFP

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