The battle for Cadbury intensified this week as the UK confectioner urged shareholders not to let Kraft Foods “steal” the company in its second defence against the US group’s hostile takeover. In return, Kraft shrugged off Cadbury’s defence as “underwhelming”. However, the Dairy Milk maker yesterday (14 January) hailed an “outstanding” 2009 with the release of its full-year sales. With Ferrero seemingly pulling out of the race for Cadbury, the spotlight remains on Kraft – and whether Hershey will launch an unlikely counter offer.
UPDATE: US/UK: Hershey must make “serious” offer – Cadbury
Hershey, the US chocolate maker rumoured to be preparing a solo bid for Cadbury, needs to pay a “serious price” to acquire the company, the UK confectioner’s chairman insisted today (14 January).
UK: Cadbury boss hails “outstanding” 2009
Cadbury chief executive Todd Stitzer (pictured) said today (14 January) that the UK confectioner had had an “outstanding year” as the Dairy Milk maker put more flesh on its 2009 accounts.
ITALY: Ferrero “pulls out” of Cadbury race
Ferrero has refused to be drawn on market reports that the company has decided not to bid for Cadbury.
US: Kraft will deliver “with or without” Cadbury
Kraft Foods has raised its guidance for 2009 and said it will deliver “top-tier” performance “with or without” Cadbury.
UK: Kraft brands Cadbury defence “underwhelming”
Kraft Foods has shrugged off Cadbury’s final defence against its hostile takeover bid as “underwhelming” after the UK confectioner urged shareholders not to let the US food group “steal” the company.
ITALY: Ferrero nears decision on Cadbury
Ferrero is to reveal in the coming days whether it will table an offer for Cadbury as talks with Hershey over a joint offer for the UK confectioner come to an end, just-food understands.
UPDATE: UK: Analysts again urge Kraft to up Cadbury bid
A rejection by Cadbury shareholders of a revised offer by Kraft could be “embarrassing” for the US firm, analysts say, maintaining that it will need to raise its offer for any hope of success.
INSIGHT: Cadbury pours scorn on Kraft over Buffett
Cadbury today (12 January) derided Kraft Foods’ “embarrassment” at the warning the US food giant received from leading investor Warren Buffett over offering too much stock to finance a takeover.
UK: Don’t let Kraft “steal” company – Cadbury
UK confectioner Cadbury this morning (12 January) stepped up its defence against Kraft Foods, telling shareholders it has enjoyed an “outstanding” year.
ITALY: Ferrero looking at “all options” on Cadbury
Ferrero, the Italian confectioner linked to a possible counter-bid for Cadbury, has insisted it is still mulling whether to launch a raid on the Dairy Milk maker and said the company is looking at “all options”.