Commentaries

from Rolfe Winkler:

Buffett: Shareholder activist

January 5, 2010

Shareholder activism is a tactic typical of Carl Icahn, not the Oracle of Omaha. Yet Warren Buffett has issued a press release asking other Kraft shareholders to reject Kraft's proposal to use up to 370 million shares of stock to buy Cadbury.

Takeover Panel sets Cadbury clock ticking for Kraft

September 30, 2009

KRAFT-CADBURY/So Cadbury has succeeded in convincing the UK’s Takeover Panel — the City of London body which polices M&A — to slap a “put up or shut up” order on Kraft.

Stitz-up at Merrill Lynch?

September 25, 2009

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.

Cadbury’s share price says it’s stuck with Kraft

September 22, 2009

Here’s a curiosity. Cadbury shares have not moved by more than 10p away from 790 pence since the day after Kraft popped the question with its 10 billion pound cash and shares “proposal.” 

Simon says no thank you to Kraft cheese slices

September 21, 2009

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.

Goodnight Irene, goodnight, love from Roger

September 14, 2009

An early draft of Cadbury’s weekend response to the bid approach from Kraft has fallen into my hands.

Kraft moving ahead with financing

September 9, 2009

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.

A limit to Kraft’s sweet tooth

September 8, 2009

Cadbury’s swift rejection of Kraft’s $16.7 billion offer has set off widespread speculation that Kraft will bump up its bid to ensure that it becomes king of candy land.

Cadbury’s Kraft sugar rush overdone

September 8, 2009

KRAFT-CADBURY/Kraft’s offer for Cadbury got off to a sticky start on Tuesday when the U.S. food group’s stock fell 6 percent, taking some of the buzz out of Cadbury’s bid-fuelled share price.

Kraft will need to sweeten Cadbury offer

September 7, 2009

CADBURY/Kraft’s cash and stock offer for Cadbury may not have passed muster with the target’s board. But while this is not yet game over, it now looks likely that someone will make a snack of the British confectionery group.