Cadbury sets out case for independence

DAIRY Milk firm Cadbury set out its case for independence today as it urged shareholders not to let US giant Kraft "steal your company".

The chocolate company's latest response to Kraft was contained in a new defence document setting out details of Cadbury's "outstanding" trading in 2009 and forecasting sales growth of up to 7 per cent this year.

Shareholders have until February 2 to accept Kraft's takeover offer, which values the the UK firm at around 10.5bn.

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Cadbury chairman Roger Carr said Kraft's proposal was "even more unattractive" than it was when it made its formal offer in December.

He added: "Our 2009 performance is ahead of our previously upgraded expectations and we have excellent momentum going into 2010."

Mr Carr added that Kraft's offer price was significantly below comparable transactions in the sector and said the shares element of the proposal exposed shareholders to the US firm's "low growth" business model.

"Don't let Kraft steal your company with its derisory offer," he told shareholders.

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