Suntory bids for Schweppes September 22, 2009 JAPANESE brewer Suntory has made a binding bid for soft drinks maker Orangina Schweppes, its private equity owners said, in a sign buy-out houses may find it easier to exit investments. Suntory will pay €2.6bn (£2.4bn) for Orangina, two sources familiar with the situation said, allowing Blackstone Group and Lion Capital to double their money [...]
Suntory bids for Schweppes September 22, 2009 JAPANESE brewer Suntory has made a binding bid for soft drinks maker Orangina Schweppes, its private equity owners said, in a sign buy-out houses may find it easier to exit investments. Suntory will pay €2.6bn (£2.4bn) for Orangina, two sources familiar with the situation said, allowing Blackstone Group and Lion Capital to double their money [...]
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 [...]
Cadbury’s boss admits there is some sense in Kraft’s takeover ambitions September 21, 2009 CADBURY chief executive Todd Stitzer has softened his stance on a possible takeover by US food giant Kraft, admitting that there are some “complementary elements” in the two companies’ portfolios. “I would never say there’s not some strategic sense in these businesses coming together,” said Stitzer yesterday. He added that in areas such as Europe, [...]
Kraft boss to jet into London to begin the charm offensive September 20, 2009 Irene Rosenfeld, Kraft’s determined chief executive, is set to jet in to London this week in a bid to convince institutional shareholders to support the group’s proposed takeover of British confectionery firm Cadbury. Rosenfeld, ranked as the sixth most powerful woman in the world by Forbes magazine for the past two years, will hold a [...]
The world’s biggest hotelier won’t let the downturn stop expansion September 20, 2009 At 6’3”, the chief executive of InterContinental Hotels Group (IHG) Andrew Cosslett has broad shoulders – and with the battering the travel sector has taken over the last year it is just as well. Not surprisingly, the economic downturn has hurt the world’s largest hotel group, which boasts 630,000 rooms across more than 4,300 hotels [...]
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 [...]
M&Ain focus in Credit Suisse’s buyer/seller list September 17, 2009 KRAFT’S bid last week for UK confectionary giant Cadbury will be the first of many buyout attempts, according to a Credit Suisse analyst. The analyst at the Swiss bank Richard Kersley yesterday sent out a table of companies that he believes are the most likely to buy a rival and of those companies that look [...]
Keep Cadbury independent, says its chief September 16, 2009 CADBURY chief executive Todd Stitzer yesterday said the Dairy Milk maker should remain independent, as he put his case to a group of shareholders and industry analysts. Stitzer attempted to win shareholder support, stressing that Cadbury was on the hunt for acquisitions and not just the bid target of Kraft’s £10.2bn takeover approach. Stitzer said [...]
Kraft can up its Cadbury bid by 20 per cent, say analysts September 15, 2009 KRAFT could raise its offer for Cadbury by at least 20 per cent thanks to a boost from sale synergies, according to brokers Sandford Bernstein, who will today host a conference with Cadbury chief executive Todd Stitzer. Kraft’s bid was originally worth $16.7bn (£10.2bn), which valued each share at 745p. Cadbury has rejected the offer, [...]