The afternoon deal: Krafting Cadbury
Munching on a Cadbury Dairy Milk bar, Kraft CEO Irene Rosenfeld says in an interview she expects to complete the takeover of Cadbury within weeks. As Rosenfeld warmly welcomed Cadbury employees into the Kraft fold, Twitter was buzzing with bad chocolate and cheese headlines.
Kraft has promised $675 million in annual cost savings from the deal, which will mean cuts to Cadbury’s global workforce of more than 45,000 during the integration process, analysts said.
“We just want a few safeguards. What are they going to do? Kraft has not said anything up until now. The unions have said it is a predatory company,” the BBC quotes a Cadbury employee.
More reaction to the merger: