Breakingviews

Failed bid would leave Astra under pressure

May 27, 2014

Pfizer looks foolish for the way it handled a $119 bln offer for the UK drugmaker. But its shares have barely suffered. Astra remains independent and yet it is now under more scrutiny. Some of its shareholders welcomed a possible takeover - and could again.

Astra has small tactical advantage over Pfizer

May 1, 2014

Time can benefit bidders rather than targets – that’s why Kraft left Cadbury flailing for months. But uncertainties around regulatory clearance and Washington politics complicate the dynamics of Pfizer’s approach to AstraZeneca. The U.S. group will want a quick, recommended deal.

Bond investors still relatively sweet on Kraft

February 4, 2010

If Kraft's stock price is any indication, shareholders are ambivalent about the purchase of Britain's cherished candy maker, Cadbury.

Kraft’s wait for Cadbury helps square debt circle

January 20, 2010

Sometimes the wait can be worth it.

UK should resist calls to block RBS loan to Kraft

December 17, 2009

MPs in Cadbury's home town want the British government to stop majority state-owned Royal Bank of Scotland financing Kraft Foods' hostile bid for the confectioner. Such interference would rob the bank of credibility among its corporate customers and make a mockery of the idea that RBS is independent.

Cash not culture to decide Cadbury fate

November 30, 2009

By positively encouraging a white knight counter-offer to Kraft's cash and share bid, Cadbury's CEO and his advisers are working on the premise that this is the best way of squeezing a higher price out of Kraft.

Cadbury/Ferrero, a sweet dream

November 17, 2009

There is some logic to a combination. Analysts at Nomura estimate the two companies could deliver savings of 350 million pounds ($587 million), some 3 percent of their joint sales -- not far behind Kraft's $625 million synergy target.

Kraft arms itself for Cadbury assault

November 4, 2009

Irene Rosenfeld says she won’t overpay for Cadbury. Well, she would say that wouldn’t she? She adds that Kraft Foods can afford to buy Cadbury, no trouble, but will only pay what it’s worth. This immediately prompts the question: to whom?

Cadbury gives sweet update, shares unmoved

October 21, 2009

Todd Stitzer and his colleagues at Cadbury must surely have hoped for more. Wednesday’s eagerly-awaited trading update chewed up the outside forecasts and showed there is nothing Flake-y about this business. Growth in sales in the last quarter was 7 percent, against the previous guidance of 4-6 percent. Margins are improving and the future’s coming up Roses.

Cadbury’s meltdown keeps Kraft on hook

September 24, 2009

It may seem as if Cadbury’s chief executive Todd Stitzer had a bad case of foot-in-mouth disease. Just days after the British food company breathed defiance in the face of a Kraft bear-hug bid, he was quoted at a conference saying that a deal with Kraft made strategic sense and that his job was to simply squeeze out as much value as possible for the British confectioner.