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Cadbury boss: We're grateful for your support
by Shamsher Singh - 11/01/2010
"Cadbury chairman Roger Carr says he appreciates the support of people who have joined a campaign to keep the company in British hands."
American firm Kraft has submitted a bid of more than £10bn for Cadbury, and the company's shareholders are considering that despite the current board labelling it as 'derisory'.
Kraft – makers of Toblerone and Terry's Chocolate Orange – says it will keep the Somerdale plant in Keynsham open, possibly saving 400 jobs that are currently scheduled to be moved to Poland.
About 28,000 people have written to the Mail on Sunday newspaper saying they want the Kraft bid to be rejected, and Mr Carr says it shows the depth of feeling for the company.
"The warmth and concern for the future of our company has been greatly appreciated by my board and all of our 45,000 employees, whose futures will be materially influenced by the outcome of the bid," he wrote in a letter to the Mail on Sunday.
Cadbury would "continue to resist Kraft's efforts to steal the company from our shareholders," he wrote, before adding the board felt 'under siege' due to the bid process.
Sales of well-known chocolates Roses and Heroes seem to indicate the public has got behind the campaign with their wallets as well, with a million more sales last year than in previous years.
Kraft, which has so far offered £10.4bn for Cadbury, has until January 19 to raise the offer, although its largest shareholder – billionaire Warren Buffett – has already voiced fears that the bid is already too high.
Cadbury shareholders have until February 2 to accept Kraft's offer. If it fails to get enough support, it must wait at least a year to make another approach. The takeover saga began last September after Cadbury revealed it had rejected an approach from Kraft, which then valued the business at £10.2 billion.
Cadbury – which has labelled Kraft a "low growth conglomerate" outlined its credentials as a stand-alone company in December by upping long-term performance targets and producing better-than- expected profit margins.
It is due to provide an update on trading this week, with Cadbury also set to announce better-than-expected profits in the next few days also.
More Details: http://topnews.co.uk/21811-kraft-release-robust-sales-profit-figures-2009
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