US food giant, Kraft, has been criticised by a group of MPs today after the company pledged to keep open Cadbury’s Somerdale factory in Keynsham, but later decided to close the site following its takeover of the British confectioner. Kraft, which made several hostile bids for Cadbury before shareholders finally agreed to a deal, initially [...]
Marc Firestone, vice-president of US food giant, Kraft, has today appeared before MPs on the Business Select Committee and has apologised for the firm’s pledge to keep open Cadbury’s Keynsham factory. Mr Firestone was questioned by MP’s over the company’s takeover of Cadbury. Kraft completed its takeover of the 186-year-old iconic British confectioner on 2 [...]
Marc Firestone, vice-president of US food giant, Kraft, will appear before MPs on the Business Select Committee today. Mr Firestone will be questioned by MP’s over the company’s takeover of Cadbury. Kraft completed its takeover of the 186-year-old iconic British confectioner on 2 February after a five-month battle. Earlier this month, the US food giant [...]
US food giant, Kraft, is set to be investigated by the City takeover panel about whether it made misleading comments at the time of its takeover of British confectioner, Cadbury. Kraft, which made several hostile bids for Cadbury before shareholders finally agreed to a deal, initially said a takeover of Cadbury would secure UK jobs, [...]
US food giant, Kraft, has confirmed it will close Cadbury’s Somerdale plant near Bristol with the loss of 400 jobs. Cadbury has a UK workforce of 4,500, including 2,500 at its historic Bournville factory in Birmingham and 400 at its headquarters in Uxbridge. The move comes after the 186-year-old iconic British confectioner, renowned for Dairy [...]
Chairman Roger Carr, chief executive Todd Stitzer and chief financial officer Andrew Bonfield of Cadbury have announced today that they will step down from the British confectioner. The three bosses announced their resignations following a shareholder vote which will see US food giant, Kraft, takeover the 186-year-old iconic British company in a £11.5 billion ($18.9 [...]
Business Secretary Lord Peter Mandelson said he was “disappointed” that Kraft could not guarantee that Cadbury’s confectionery brands will continue to be managed in the UK. Mandelson met with Kraft chief executive, Irene Rosenfeld, last night after Cadbury shareholders voted in favour of the £11.5 billion ($18.9 billion) takeover deal from the US food giant. [...]
Cadbury shareholders have today voted in favour of the £11.5 billion ($18.9 billion) takeover deal from US giant, Kraft Foods. Today’s vote brings an end to Kraft’s five-month battle to take control of the 186-year-old British confectioner. Cadbury said it had received valid acceptances of the offer from shareholders representing 71.7% of the company. Commenting [...]
Workers at British confectioner Cadbury are to stage a protest today in Bournville, Birmingham in a bid to urge shareholders to reject the takeover offer from US food giant, Kraft. Kraft, which is renowned for brands such as Kenco coffee and Oreo biscuits, made an offer of £11.7 billion last week which 186-year-old Cadbury agreed [...]
The pound gained ground against the euro yesterday as US food giant Kraft announced its takeover of British confectioner Cadbury. The pound rose to a four-month high to 1.1477 euros as the takeover reflected the attraction of overseas companies investing in the UK, according to analysts. Furthermore, higher than expected inflation figures boosted the prospect [...]
According to the BBC, there will be job losses at Cadbury after it agreed to an £11.7 billion takeover by US food giant Kraft. The news of the takeover came after Kraft has already made offers for the 186-year-old British company but they were rejected by Cadbury’s board. Cadbury’s board is supporting the latest bid [...]
After months of hostile talks, British confectioner Cadbury has finally agreed to an £11.7 billion takeover by US food giant Kraft. The 186-year-old British company, renowned for Dairy Milk chocolate, is set to advise shareholders to accept the latest bid of 840p a share. Kraft, which is renowned for brands such as Kenco coffee and [...]
British confectioner Cadbury, renowned for Dairy Milk chocolate, is awaiting the next move from US food giant, Kraft. Kraft, which is renowned for brands such as Kenco coffee and Oreo biscuits, approached Cadbury in September with an informal £10.2 billion takeover offer, which Cadbury rejected. In November, Kraft made a second bid of £9.8 billion, [...]
Italian firm Ferrero, which makes Nutella chocolate spread and Ferrero Rocher chocolates, has declared itself out of the running for Cadbury. Late last year it was reported that US-based Hershey Co in partnership with Ferrero, were considering a bid for Cadbury. Hershey is the largest chocolate maker in the US and is controlled by the [...]
British confectioner Cadbury, renowned for Dairy Milk chocolate, urged shareholders today not to let Kraft “steal your company with its derisory offer“. Cadbury chairman, Roger Carr, delivered the statement after it said it had enjoyed an “outstanding” performance in 2009, which exceeded market expectations. It said underlying revenues were up 5% in 2009, with a [...]
Swiss food giant Nestlé has declared itself out of the running for British confectioner Cadbury. Late last year, Nestlé was reported to be the latest company to make an offer for Cadbury after US food giant, Kraft, which is renowned for brands such as Kenco coffee and Oreo biscuits, approached Cadbury in September with an [...]
US food giant Kraft has today reinforced its belief that a tie-up with Cadbury would “represent a uniquely complementary fit”. Kraft is actively trying to convince Cadbury shareholders that a combination with its British rival could “deliver substantially more value” together and would benefit Cadbury staff as new jobs would be created in the UK. [...]
British confectioner Cadbury, renowned for Dairy Milk chocolate, saw its shares rise today on the back of speculation that Swiss food group, Nestlé, is to be the latest company set to make an offer. Shares in the confectioner gained more than 2% to a high of 817p – which is almost 13% above the original [...]
Following the hostile bid from Kraft Foods, British confectioner Cadbury is now reported to be facing a joint bid from US giant Hershey Co in partnership with Italy’s confectionery group Ferrero. According to reports, the two companies have been in secret talks “for weeks” about making the alliance. A source close to the situation said [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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