This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8349832.stm
The article has changed 11 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Kraft makes Cadbury takeover bid | Kraft makes Cadbury takeover bid |
| (10 minutes later) | |
| US food company Kraft has launched a hostile bid for UK confectioner Cadbury. | US food company Kraft has launched a hostile bid for UK confectioner Cadbury. |
| Kraft announced it will offer 300 pence in cash and 0.2589 new Kraft shares for each Cadbury share, the same as it proposed in September. | Kraft announced it will offer 300 pence in cash and 0.2589 new Kraft shares for each Cadbury share, the same as it proposed in September. |
| Because of the drop in the value of Kraft shares, the bid is worth £9.8bn, less than it was worth in September. | Because of the drop in the value of Kraft shares, the bid is worth £9.8bn, less than it was worth in September. |
| Cadbury rejected the original Kraft offer, saying it "fundamentally undervalued" the company. | Cadbury rejected the original Kraft offer, saying it "fundamentally undervalued" the company. |
| Kraft is now taking its offer directly to its shareholders. | Kraft is now taking its offer directly to its shareholders. |
| Under Takeover Panel rules, Kraft had until 1700 GMT on Monday to make a new offer or walk away for six months. | |
| 'Long-term value' | |
| "We believe that our proposal offers the best immediate and long-term value for Cadbury's shareholders and for the company itself compared with any other option currently available, including Cadbury remaining independent," said Irene Rosenfeld, Kraft chairman. | |
| As well as Dairy Milk, Cadbury also owns the Green & Black's chocolate brand, Halls lozenges, Trident and Dentyne gum brands and liquorice allsorts maker Bassett's. | As well as Dairy Milk, Cadbury also owns the Green & Black's chocolate brand, Halls lozenges, Trident and Dentyne gum brands and liquorice allsorts maker Bassett's. |
| It spun off its drinks division as a separate business last year. | It spun off its drinks division as a separate business last year. |
| Kraft's brands include Kenco and Maxwell House coffee, Oreo biscuits, Jacobs, Terry's Chocolate Orange and Toblerone, as well as cheese products such as Philadelphia and Dairylea. | Kraft's brands include Kenco and Maxwell House coffee, Oreo biscuits, Jacobs, Terry's Chocolate Orange and Toblerone, as well as cheese products such as Philadelphia and Dairylea. |