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U.S. markets recover from steep losses
LONDON, Jan. 12 (UPI) -- U.S. food giant Kraft and British chocolate maker Cadbury traded barbs Tuesday in the war for shareholder support with a hostile takeover in the balance.
Cadbury reiterated its position that Kraft's $16 billion offer was "derisory," and outlined its future corporate goals.
In return, a Kraft spokesman said, "Cadbury's defense document is underwhelming."
"They have said very little that is new and have ducked the issue of their profitability in 2010," the spokesman said.
Kraft Chairman and Chief Executive Officer Irene Rosenfeld is scheduled to meet with Cadbury shareholders Thursday to lobby for the acquisition, but two major shareholders have turned down the invitation to meet with her unless the offer is increased, The Times said.
Cadbury Chairman Roger Carr said, "what they have got to do if they want to acquire this business is make a fair offer."
"Don't let Kraft steal your company with its derisory offer," he said, adding, "we do not need to be subsumed into a lumbering, corporate monolith to achieve our aims."
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