Was it a gaffe or was the poor man misquoted? We certainly have two very different accounts of Todd Stitzer’s contribution to a closed conference at Merrill Lynch on 22 September. Maybe it would be better if these sort of briefings just didn’t take place.
It’s not often that you hear an investment banker urging shareholders to consider their duty, unless it’s their duty to vote for his latest money-spinning deal. But Simon Robertson is not your average investment banker, so perhaps we shouldn’t be surprised to see him writing to the FT criticising Kraft’s attempt to buy Cadbury.
Why let a little rejection stand in your way? Kraft is proceeding with the financing it would need to buy Cadbury, even though the U.K. confectioner spurned the initial offer. It looks like it’s financing plans are above what had been initially expected, which could mean slightly more new cash could be added to a revised bid.