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News Tag: Cadbury

April 6, 2010

Kraft criticised for factory closure u-turn

by Kay Mitchell
’Kraft
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 said a takeover of Cadbury would ...




March 16, 2010

Kraft promises no further factory closures

by Kay Mitchell
’Kraft
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 February after a five-month battle. Kraft, which ...




Kraft VP to be questioned over Cadbury factory closure

by Kay Mitchell
’Kraft
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 was investigated by the ...




March 8, 2010

Kraft facing inquiry over Cadbury factory closure

by Kay Mitchell
’Kraft
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, while keeping open its Somerdale ...




February 11, 2010

Kraft confirms closure of Cadbury Somerdale plant

by Kay Mitchell
’Kraft
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 Milk, agreed to a £11.5 ...




February 3, 2010

Cadbury executives to step down following Kraft deal

by Kay Mitchell
”Cadbury
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 billion) deal. The vote brought ...




Mandelson expresses ‘disappointment’ after meeting with Kraft chief

by Kay Mitchell
’Mandelson
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. The vote brought an end ...




February 2, 2010

Cadbury shareholders vote in favour of Kraft takeover

by Kay Mitchell
’Cadbury
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 on the deal, Kraft ...




January 27, 2010

Cadbury workers stage protest over jobs threat

by Kay Mitchell
’Cadbury
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 to. Following the announcement, Roger Carr, ...




January 25, 2010

Ferrero declares itself out of the running for Cadbury

by Kay Mitchell
...




January 20, 2010

Pound rises after Cadbury takeover

by Kay Mitchell
Pound rises after Cadbury takeover
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 that the Bank of England may raise interest rates ...




January 19, 2010

Job losses at Cadburys after Kraft takeover

by Kay Mitchell
”Job
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 from Kraft and is set to ...




Cadbury agrees £11.7bn Kraft takeover

by Kay Mitchell
Cadbury agrees £11.7bn Kraft takeover
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 Oreo biscuits, will pay 840p for each Cadbury ...




January 18, 2010

Cadbury shares up as Kraft deadline looms

by Kay Mitchell
Cadbury shares up as Kraft deadline looms
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, which was again swiftly rejected. Earlier this ...




January 13, 2010

Ferrero confirms it will not bid for Cadbury

by Kay Mitchell
”Ferrero
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 charitable Hershey Trust. It makes the ...




January 12, 2010

Cadbury attacks Kraft after it unveils ‘outstanding’ 2009

by Kay Mitchell
”Cadbury
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 6% rise in the latter ...




January 5, 2010

Kraft increases offer for Cadbury as Nestlé withdraws bid

by Kay Mitchell
”Kraft
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 informal £10.2 billion takeover ...




December 15, 2009

Kraft defends bid for Cadbury

by Kay Mitchell
”Kraft
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. Kraft warned Cadbury's shareholders that they will be "taking ...




November 23, 2009

Nestlé emerges as next bidder for Cadbury

by Kay Mitchell
”Nestlé
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 takeover bid, made by US food ...




November 18, 2009

Hershey and Ferrero mulling over joint bid for Cadbury

by Kay Mitchell
”Hershey
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 yesterday that discussions between ...