Kraft has received conditional approval from European Union competition authorities for their planned takeover of Cadbury, and can now turn their attention to satisfying Cadbury shareholders - with a lot of convincing needed given they have so far only received acceptances for 1.52% of the confectioner’s stock. “The decision is conditional upon the divestment of the Polish and Romanian chocolate confectionery businesses of Cadbury,” the EU advised. “In view of the remedies... ...Read more »

Cadbury chief executive Todd Stitzer has insisted that the UK confectioner’s investors “seem unimpressed” with Kraft Foods’ hostile bid after he visited shareholders on both sides of the Atlantic last week. Stitzer, who launched Cadbury’s formal defence to Kraft’s GBP10bn (US$16.08bn) bid last week in London, was in New York later in the week, addressing the Dairy Milk maker’s US investors. In an interview with Reuters, Stitzer said it appeared Cadbury’s... ...Read more »

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... ...Read more »

UK confectionery company Cadbury confirmed yesterday that it unanimously rejects the takeover bid by US company Kraft Foods. On 4 December of this year, Kraft Food attempted to purchase Cadbury, taking the offer directly to shareholders, but the Board unanimously rejected Kraft’s offer as “wholly inadequate” because it “substantially undervalue[d] Cadbury.” Cadbury has now released a defence document to explain to its shareholders the decision to reject the recent takeover... ...Read more »

Heinz will complete its takeover of Golden Circle before Christmas after receiving approval today from the Supreme Court of Queensland. An office copy of the Court’s orders will be lodged with the Australian Securities and Investments Commission this afternoon at which time the scheme will become legally effective. Golden Circle Chairman Phil Cave welcomed the Court’s approval of the scheme of arrangement, which will usher in a new era for Golden Circle. “This heralds the beginning... ...Read more »

Golden Circle shareholders have revealed their overwhelming support for the takeover proposed by food manufacturer Heinz. The H.J. Heinz Company Australia Limited (Heinz) made a $288m bid for Golden Circle in October, which received unanimous support from the Golden Circle Board. Golden Circle, a 61 year-old Australian company renowned for their canned fruit and vegetables, fruit juice and jam, earlier this year listed on the National Stock Exchange after refusing a $1 a share bid from Coca-Cola... ...Read more »