Cadbury mulls takeover deal
CADBURY could today publish its defence documents to reject Kraft’s hostile takeover bid as next week’s bid deadline draws nearer.
On Friday Kraft published its formal documents for its £10bn hostile bid, triggering a 60-day timetable operated under Takeover Panel rules – investors have been given until 5 January to accept the offer.
Kraft’s relentless approach to the takeover sparked business secretary Lord Mandelson to break ranks from Labour’s welcoming attitude to overseas ownership by warning Kraft: “If you think you can come here and make a fast buck you will find that you face huge opposition from the local population… and the British government.”
Meanwhile details have emerged about Kraft boss Irene Rosenfeld’s lavish corporate budget,which include a corporate jet and $10,000 (£6,073) counselling allowance. It emerged she will pocket a $3m to $8m bonus on top of her $1.46m salary this year.
A source close to Cadbury confirmed that chairman Roger Carr did not have a company jet adding “It’s not the way how British corporates operate.”
Cadbury, which has already rejected the offer as “derisory”, yesterday declined to comment.