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Mandelson in Kraft-Cadbury talks | Mandelson in Kraft-Cadbury talks |
(30 minutes later) | |
Business Secretary Lord Mandelson has said he is "disappointed" that food giant Kraft would not commit to managing Cadbury's brands in the UK. | Business Secretary Lord Mandelson has said he is "disappointed" that food giant Kraft would not commit to managing Cadbury's brands in the UK. |
Lord Mandelson spoke after a meeting with the Kraft boss Irene Rosenfeld. | |
He said he was glad of the personal meeting, but would now be looking for "much harder, more specific commitments in the next three to six months". | He said he was glad of the personal meeting, but would now be looking for "much harder, more specific commitments in the next three to six months". |
Their talks took place less than two hours after Kraft secured shareholder backing for its takeover of Cadbury. | Their talks took place less than two hours after Kraft secured shareholder backing for its takeover of Cadbury. |
The deadline for Cadbury shareholders to accept a £11.5bn ($18.9bn) offer from Kraft was 1300 GMT. | The deadline for Cadbury shareholders to accept a £11.5bn ($18.9bn) offer from Kraft was 1300 GMT. |
Cadbury said it had received valid acceptances of the offer from investors representing 71.7% of the firm. | Cadbury said it had received valid acceptances of the offer from investors representing 71.7% of the firm. |
Lord Mandelson said: "I'm glad now to be in personal touch but what I will be looking for are much harder, more specific commitments in the next three to six months. | Lord Mandelson said: "I'm glad now to be in personal touch but what I will be looking for are much harder, more specific commitments in the next three to six months. |
"I was disappointed that she was unable to confirm that Cadbury's confectionery brands will continue to be managed and operated globally out of the UK. | "I was disappointed that she was unable to confirm that Cadbury's confectionery brands will continue to be managed and operated globally out of the UK. |
"On the other hand she said that she expects Britain to be a net gainer in manufacturing output and employment so that was encouraging, but what we've got to do now is to remain in close touch." | "On the other hand she said that she expects Britain to be a net gainer in manufacturing output and employment so that was encouraging, but what we've got to do now is to remain in close touch." |
Earlier, Cadbury workers had staged protests in London calling for government support to guarantee jobs. | Earlier, Cadbury workers had staged protests in London calling for government support to guarantee jobs. |