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Cadbury given more time over takeover


Cadbury given more time over takeover


Cadbury has been given an extra three days to prepare its defence against a takeover bid from the US company Kraft.

The UK Takeover Panel says the British confectioner now has until 15 January to publish its “detailed estimated trading results” for 2009.

They could be a key element in its defence against a hostile 12 billion euro bid from the world’s second largest foodmaker.

Cadbury has accused Kraft of trying to “steal” the group and said it had not offered enough.

In any case, Kraft’s offer is less than the price Cadbury’s shares are currently trading at.

Kraft can improve its offer up until 19 of January.

There has been talk of a rival bid from Italy’s Ferrero perhaps working with US chocolate maker Hershey but so far that has failed to materialise.

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