Cadbury’s boss admits there is some sense in Kraft’s takeover ambitions
CADBURY chief executive Todd Stitzer has softened his stance on a possible takeover by US food giant Kraft, admitting that there are some “complementary elements” in the two companies’ portfolios.
“I would never say there’s not some strategic sense in these businesses coming together,” said Stitzer yesterday. He added that in areas such as Europe, Brazil, Russia and China there were “clear combinations of either routes to market or complementary elements of the confectionery portfolio”.
However, he said that Cadbury’s shareholders would reject the deal at the £9.7bn price offered by Kraft earlier this month, and that they wish to concentrate of growing the company – unless Kraft comes back with a higher bid for the firm.
“I completely respect the fact that we would be attractive to someone else, but the world of large conglomerates has passed,” Stitzer said in an interview with the Wall Street Journal.
Meanwhile,Cadbury is considering whether or not it should force Kraft’s hand by asking the Takeover Panel to issue the American confectionary giant with a “put up or shut up” ultimatum for its bid.