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Cadbury workers head to Commons Minister has 'no Cadbury powers'
(about 3 hours later)
Cadbury's workers are at the House of Commons in London to urge MPs to show their support for the firm. Business Secretary Lord Mandelson has told union leaders that he has no power to intervene in the hostile takeover bid for Cadbury.
US food firm Kraft has begun a hostile-takeover bid for the Birmingham-based confectioner. Workers at the Birmingham-based firm had taken a petition to the House of Commons to ask MPs to help support their campaign to prevent the takeover.
MPs are being asked to support an early day motion which backs the firm and staff were also to meet Business Secretary Lord Mandelson. US food firm Kraft has been approaching shareholders with a view to taking over Cadbury.
Union Unite and Birmingham MPs unveiled a petition against the takeover on Tuesday. Shareholders have until 5 January to respond to the offer.
MPs from the West Midlands have tabled an early day motion in the Commons showing their support for Cadbury and noting that Kraft has closed 22 of its plants and cut 60,000 jobs over the last 10 years. Lord Mandelson told the delegation he would review the laws about the way companies could take each other over, but said he had no powers to intervene in Cadbury's case.
The motion, tabled by Lynne Jones, Labour MP for Selly Oak, also raises concerns about how easy it is to launch a hostile takeover bid. Kraft has said a takeover would be in the interests of both firms.
Cadbury, which owns brands such as Dairy Milk and Wispa, rejected Kraft's bid, calling it "derisory". MPs from the West Midlands have signed an early day motion in the Commons showing their support for Cadbury and noting that Kraft has closed 22 of its plants and cut 60,000 jobs over the past 10 years.
Shareholders now have until 5 January to respond to the offer, which Kraft has said is in the interests of both firms. The motion, tabled by Lynne Jones, Labour MP for Selly Oak in Birmingham, also raises concerns about how easy it is to launch a hostile takeover bid.
Cadbury, which owns brands such as Dairy Milk and Wispa, previously rejected Kraft's bid, calling it "derisory".
Cadbury employs 6,200 staff with plants in Birmingham, Dublin, Herefordshire and Somerset.Cadbury employs 6,200 staff with plants in Birmingham, Dublin, Herefordshire and Somerset.