Kraft seeks approval of shareholders for Cadbury deal, announces new Board members

Posted by Isobel Drake on 21st December 2009

Kraft has issued a document urging their shareholders to support their Cadbury takeover plan.

The Oreo and Vegemite maker filed a definitive proxy statement on Friday to approve the issuance of new shares to bankroll their A$18.6b bid for the confectioner. A shareholder meeting will be held on February 1, 2010.

The announcement follows continued rejection from Cadbury management of an offer they view as “derisory”.

New Board members

Kraft has also announced the appointment of Jean-Francois van Boxmeer and Mackey McDonald to its Board of Directors. Their terms will begin Jan. 1, 2010.

Van Boxmeer, 48, is the Chairman of the Executive Board and Chief Executive Officer of Heineken N.V. He has 25 years experience in the global beverage industry.

McDonald, 62, is a senior advisor at Crestview Partners, and the retired Chairman and CEO of VF Corporation. He is a 25-year veteran of the consumer goods industry, Kraft noted.

“Jean-Francois and Mackey will be terrific additions to our Board as we continue to build on our position as a global powerhouse in snacks, confectionery and quick meals,” said Irene Rosenfeld, Chair and CEO.

“Jean-Francois is known as a builder of iconic, global brands with a strong track record for driving revenue growth and leading acquisitions and integrations. Mackey brings a deep knowledge of consumer products, retailing, marketing and brand-building, as well as deep experience in leading business transformation.”

With these additions, Kraft’s Board will have 12 directors, 11 of whom are independent, the manufacturer advised.