UPDATE: Kraft To Meet With Cadbury Workers Wednesday
25 November 2009 - 5:39AM
Dow Jones News
Kraft Foods Inc. (KFT) is set to meet Wednesday with labor
representatives for Cadbury PLC's (CBY) workers to discuss its
plans for the U.K. confectioner, which Nov. 9 rejected a GBP9.8
billion offer from Kraft after the U.S. food giant formalized a
previous approach rather than raise it.
It will be the first face-to-face meeting that the Unite trade
union has had with Kraft following various calls since Kraft's bid
was launched, Unite spokeswoman Jennie Formby told Dow Jones
Newswires.
Unite plans to follow up on its demands first sent to Kraft boss
Irene Rosenfeld on Nov. 15, which included guarantees on jobs and
sites and the preservation of full pension benefits and
contributions, Formby added.
Kraft has had no direct contact with Cadbury management since an
initial discussion between Rosenfeld and Cadbury chairman Roger
Carr Aug. 28. Rosenfeld followed up that meeting with a letter
detailing an offer, which Cadbury's board discussed before formally
rejecting it a few days later as undervaluing the company and
"derisory."
Kraft 's initial offer in early September was 300 pence in cash
and 0.2589 new Kraft shares for each Cadbury share and originally
worth GBP10.2 billion. However, by the time the U.S. company
formalized it Nov. 9, on identical terms, a subsequent fall in
Kraft shares and a weakened U.S. dollar meant the value of the bid
had fallen to GBP9.8 billion.
At 1800 GMT, Tuesday Kraft's stock was down 0.7% at $27.16,
which means its bid for Cadbury is now worth 724 pence a share and
values the U.K. company at GBP9.9 billion, or $16.4 billion.
Cadbury's shares closed down 0.7% at 808 pence.
-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241;
marietta.cauchi@dowjones.com
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