SOUR?TASTE April 6, 2010 MPs delivered a damning verdict on Kraft’s takeover of Cadbury yesterday, saying the US conglomerate was “unwise” to promise to save the Somerdale factory in Bristol only to close it later, with the loss of 400 jobs. The business committee also expressed dismay at the role of hedge funds in the takeover. Unions called for [...]
Cadbury set for Kraft bid November 8, 2009 THE board of Cadbury was this morning readying itself for a last-ditch hostile bid from Kraft, the American food group, which is expected to table a takeover offer worth £10bn. Kraft, the maker of Oreo Cookies and Dairylea cheese, has until 5pm under Takeover Panel rules to make a bid or walk away for six [...]
Cadbury shares hit record highs on talk of bids November 23, 2009 CADBURY shares yesterday hit a record high as the market bubbled with speculation that Hershey and Nestlé are waiting in the wings to make a bid for the chocolate maker. Cadbury stock reached a five-year peak of 819.50p, before closing 1.69 per cent up at 814p. Nestlé is believed to be holding talks with bankers [...]
Race for M&S chair takes on new urgency May 23, 2010 ROGER CARR has ruled himself out of the running for the role of chairman at Marks & Spencer (M&S), while it is believed current chairman Sir Stuart Rose may quit earlier than expected. Carr, who announced his departure from Cadbury in February, is said to be looking abroad for his next corporate post. His withdrawal [...]
Kraft’s bid hugely undervalues Cadbury November 9, 2009 IRENE Rosenfeld, Kraft’s boss, is pursuing a canny strategy. She knows that she cannot dramatically sweeten the value of her bid for Cadbury and therefore stands no chance of winning at the moment – after all, her biggest shareholder, the thrifty Warren Buffett, has told her to remain disciplined – so she is planning to [...]
DARLING: WE ARE STILL NEW LABOUR April 14, 2010 ALISTAIR DARLING yesterday said Labour was still on the side of business, insisting there would “be no return to the 1970s” if his party wins an historic fourth term. Responding to suggestions that Labour’s general election manifesto showed the party was lurching to the left, he replied: “Not a bit of it – this is [...]
Boots tops reputation poll as banks languish April 28, 2010 Alliance Boots knocked Marks & Spencer off the top spot, in a survey of company reputation. The Reputation Institute’s UK Pulse Report 2010 ranked retail brands highly but the list of 140 firms made torrid reading for the finance industry. Royal Bank of Scotland languished at 138, with Lloyds at 136 and Barclays at 129. [...]
Unilever sales surge but no Cadbury bid November 5, 2009 CONSUMER goods giant Unilever yesterday beat City forecasts with a 3.6 per cent rise in third-quarter underlying volume sales, and ruled out launching a bid for confectionary group Cadbury. News of a potential candidate ruling itself out of a bidding war will not help matters for Cadbury who may have been counting on a white [...]
Paulson doubles stake in Cadbury after Kraft bid November 10, 2009 Hedge fund star John Paulson, who bet against the US housing market just before its collapse, has doubled his stake in Cadbury. The New York-based hedge fund now owns 28.5m shares, or 2.08 per cent, of Cadbury after spending some £112m on 14.8m shares at 759.59p, according to British regulatory filings. John Paulson ranks as [...]
Kraft results boost Cadbury bid chances November 3, 2009 KRAFT Foods last night posted a better than expected quarterly profit – boosting its chances of a successful bid for Cadbury. The world’s second largest food company reported earnings of $826m (£502m) or 55 cents a share, in the third quarter. Analysts on average forecast 48 cents a share at Kraft, whose operating income jumped [...]