News Tag: takeover
March 18, 2010
Britain’s largest mutually-owned retailer, the Co-operative Group, has today posted "record sales and profits" for the 2009 year after its acquisition of Somerfield and its merger with the Britannia building society.
The group said underlying operating profits before significant items soared 20% to £473 million over the year, while revenue was £13.7 billion.
Meanwhile, the Co-operative group's grocery division, which is ...
Co-op profits boosted by Somerfield takeover
by Kay Murchie
March 16, 2010
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 promises no further factory closures
by Kay Murchie
Kraft VP to be questioned over Cadbury factory closure
by Kay Murchie
March 8, 2010
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 ...
Kraft facing inquiry over Cadbury factory closure
by Kay Murchie
February 11, 2010
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 ...
Kraft confirms closure of Cadbury Somerdale plant
by Kay Murchie
February 5, 2010
US banking giant, Bank of America (BoA), has been sued by the New York Attorney General, Andrew Cuomo, for defrauding investors and the Government over its takeover of Merrill Lynch.
BoA, and two of its senior executives, Ken Lewis and Joseph Price, have been accused of “enormous fraud” on taxpayers and shareholders over the takeover in 2008.
In September 2008, ...
Bank of America sued over Merrill Lynch takeover
by Kay Murchie
February 3, 2010
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 ...
Cadbury executives to step down following Kraft deal
by Kay Murchie
Mandelson expresses ‘disappointment’ after meeting with Kraft chief
by Kay Murchie
February 2, 2010
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 ...
Cadbury shareholders vote in favour of Kraft takeover
by Kay Murchie
January 27, 2010
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, ...
Cadbury workers stage protest over jobs threat
by Kay Murchie
January 21, 2010
The Unite union has said Lloyds Banking Group is to axe 400 jobs as it closes its network of Black Horse home loans centres.
Since its merger with HBOS in September 2008, Lloyds has axed tens of thousands of jobs due to overlap within the banking giant.
In a further blow to staff, Unite said that a further 185 positions in the retail ...
Lloyds axes a further 400 positions
by Kay Murchie
January 19, 2010
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 ...
Job losses at Cadburys after Kraft takeover
by Kay Murchie
Cadbury agrees £11.7bn Kraft takeover
by Kay Murchie
January 5, 2010
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 ...
Kraft increases offer for Cadbury as Nestlé withdraws bid
by Kay Murchie
January 4, 2010
Swiss pharmaceuticals group, Novartis International, has started the New Year on a high with one of Europe’s largest ever takeovers.
Novartis has agreed to take full control of Alcon, a leading maker of eye care products, in a deal worth $40 billion (£24.8 billion).
Novartis bought 25% of eye care specialist Alcon, which is also the maker of Opti-Free contact lens cleaners, from ...
Novartis buys Alcon for $40bn
by Kay Murchie
December 15, 2009
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 ...
Kraft defends bid for Cadbury
by Kay Murchie
November 23, 2009
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 ...
Nestlé emerges as next bidder for Cadbury
by Kay Murchie
November 20, 2009
US computer giant Dell today posted a 54% fall in quarterly profit.
Net profit at the company was $337 million (£202 million) in the three months to October, compared with $727 million in the same period a year earlier.
The news sent shares in the company down 6% as the company continues to lose market share to rivals due to a ...
Dell announces 54% fall in quarterly profit
by Kay Murchie
November 9, 2009
Two months ago, US food giant Kraft, which is renowned for brands such as Kenco coffee and Oreo biscuits, approached Cadbury with an informal £10.2 billion takeover offer, which the UK confectioner later rejected.
Roger Carr, chairman of Cadbury, described its US rival’s £10.2 billion takeover offer as an “unappealing” and “unattractive prospect”.
However, under takeover rules, the US food ...
Kraft deadline looms as Cadbury awaits next move
by Kay Murchie
