WHAT THE OTHER PAPERS SAY THIS MORNING April 11, 2010 FINANCIAL TIMES TOTAL CHIEF STILL KEEN ON UAE DESPITE SETBACKS Total, the French oil company, is looking to invest in the United Arab Emirates’ nuclear industry despite having been part of a consortium that lost the $20.4bn contract to build the country’s reactors. The loss to a Korean consortium, led by Korea Electric Power Corp [...]
Kraft to answer for job losses March 14, 2010 Kraft will this week appear before the Commons business, innovation and skills committee to face questions over its decision to backtrack on promises to protect jobs when it bought Cadbury earlier this year. The confectionary giant decided to close the Somerdale plant near Bristol with the loss of 400 jobs. Lindsay Hoyle, Labour MP for [...]
Takeover rules set for shake-up February 24, 2010 THE Takeover Panel is preparing what could be the most dramatic shake-up of its rules for 20 years in the wake of Kraft’s £12bn takeover of Cadbury. Following a passionate speech by outgoing Cadbury chairman Roger Carr in Oxford a fortnight ago, the mergers watchdog has launched a white paper-style consultation on rules governing hostile [...]
Banks slam plan to shake up takeovers April 12, 2010 LABOUR manifesto proposals to make mergers between companies more difficult to complete came under fire from the City’s investment banking community yesterday. The government controversially said all takeovers – whether hostile or not – should require the approval of 66 per cent of shareholders rather than the current straight majority. It also said a “public [...]
Kraft makes jobs u-turn February 9, 2010 KRAFT, the US group that began its campaign to take over Cadbury by pledging to keep its Somerdale factory near Bristol open, yesterday said it would close it after all. Days after completing on the deal, Kraft blamed Cadbury for its decision. Cadbury had already planned to close Somerdale and transfer 400 jobs to Poland [...]
LIKE FATHER, LIKE SON IN THE WORLD OF SPIN June 17, 2010 TO THE Kensington home of City slicker Roland Rudd, the boss of PR firm Finsbury, last night for his annual party, one of the highlights of the summer schmoozing circuit. Grandees of the worlds of business and politics were there in their droves for the event, including WPP boss Sir Martin Sorrell; Royal Bank of [...]
Kraft bosses to be grilled by Parliament February 15, 2010 SENIOR executives from Kraft will be grilled by a Select Committee about the US firm’s controversial Cadbury takeover. The hearing, which has not yet been finalised, will try to pin Kraft down on its plans for the 186-year-old confectioner. Kraft received criticism from business secretary Lord Mandelson last week after it announced it will not [...]
Hershey eyes Cadbury bid September 17, 2009 THETRUST in charge of US confectionery maker Hershey has hired bankers to advise on a possible bid for Cadbury, after fellow American giant Kraft had a $16.7bn (£10.2bn) bid rebuffed. Hershey has drafted in Goldman Sachs banker Byron Trott and boutique banking firm Watch Hill Partners to advise on a bid for the company. Trott [...]
Cadbury and Kraft bosses woo investors September 22, 2009 THE bosses of Kraft and Cadbury are holding a series of meetings in London this week to drum up support from investors in the bid battle for the Dairy Milk maker. Cadbury chief executive Todd Stitzer and Kraft boss Irene Rosenfeld yesterday attended the Bank of America Merrill Lynch global consumer and retail conference and [...]
CITY’S NON-EXEC ALSATIANS ARE LET OFF THE LEASH February 10, 2010 TO THE Plaisterers Hall on London Wall last night for the annual Non-Executive Director Awards, hosted by broker KBC Peel Hunt. Top of the honours list was former Cadbury chairman Roger Carr – who must have been relieved that, for once, the accolade had nothing to do with chocolate and everything to do with his [...]