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Kraft Launches Hostile Cadbury Bid Across The Pond

Fri, 12/04/2009 - 4:00am

LONDON (AP) — Northfield, Ill.-based Kraft Foods Inc. says it's taken its $16.3 billion (9.8 billion pound) hostile share-and-cash offer for Cadbury PLC straight to the British company's shareholders.

The terms released Friday are broadly unchanged from last month's bid.

Cadbury has two weeks to respond.

Retaining the offer price it first made a month ago gives Kraft some wiggle room to increase its bid should a rival suitor emerge. U.S. chocolate company Hershey and Italy's Ferrero have said they are considering an offer. Analysts also suggest Switzerland's Nestle may be interested.

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