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Cadbury claims 'outstanding' 2009

12 Jan 2010

LONDON, UK: British confectioner Cadbury on Tuesday, 12 January 2010, sought to step up its defence against a hostile multi-billion-dollar takeover bid by US giant Kraft Foods, telling shareholders that 2009 had been "outstanding".

Cadbury repeated its claim that Kraft's cash and shares offer worth £10.5 billion (€11.7 billion, US$16.9 billion) was "derisory" and maintained its revenue targets for 2010.

"Our performance in 2009 was outstanding," Cadbury's chief executive Todd Stitzer said in a statement outlining his company's performance and outlook.

Group sales rose 5% last year, Cadbury said.

"We generated good revenue growth despite the weakest economic conditions in 80 years .... Looking forward to 2010, we are targeting revenue growth within our 5-7% goal range."

Kraft is the world's second-biggest snacks group after Nestle. Cadbury is the second largest confectionery company behind Mars.

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.

Source: AFP

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