Hostile bidder Kraft Foods has said it will maintain a disciplined approach in its pursuit of Birmingham chocolatier Cadbury, as protests against the proposed takeover heat up.
In a statement to the stock exchange this morning, the US group said it believes the combination would provide meaningful revenue synergies and cost savings.
Responding to Cadbury’s defence document, Kraft said a combination with its British rival would “represent a uniquely complementary fit”.
“We have heard nothing from Cadbury that surprises us,” said Kraft Foods chief executive Irene Rosenfeld.
“Cadbury’s defence document only reinforces our belief that there is a compelling strategic and financial rationale to combining these two companies and that doing so would be in the best interest of both companies’ shareholders,” he added.
Meanwhile, Cadbury workers from across the UK and Ireland have launched a united bid to stop the hostile £10.1 billion Kraft takeover in its tracks and keep the world-famous chocolate maker British.
Employees and their supporters gathered at the Cadbury Club in Bournville to throw down the gauntlet to Kraft as the fight to save the UK firm from the clutches of the US giant went into overdrive.
The public show of strength came as workers, unions, MPs and members of the public joined together to block the long-running attempt by Kraft to swallow the UK confectioner.
Workers from the UK and Dublin joined other protesters at the Cadbury Club to voice their concerns at the takeover bid amid fears of major job losses and pay cuts if Kraft succeed.
Unite members have unveiled a petition to Keep Cadbury Independent and highlighting publicity material warning shareholders they would be ‘Fruit and Nutty’ to sell Cadbury, and will take to Parliament with that message on Wednesday.