Posted by
alfredlester on Tuesday, December 15, 2009 4:18:56 AM
LONDON (Reuters) – Kraft Foods (KFT.N) said it would maintain a disciplined approach in its pursuit of British chocolatier Cadbury (CBRY.L) and believes the combination would provide meaningful revenue synergies and cost savings.
In a statement on Tuesday responding to Cadbury&&9;s defense 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 Chairman and CEO Irene Rosenfeld.
"Cadbury&&9;s defense 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&&9; shareholders," he added cash advance payday loans.
On Monday, Cadbury teased shareholders with the prospect of rival bids and promised bigger dividends and stronger growth as it again knocked back Kraft&&9;s hostile 10 billion pound (&&6;16.3 billion) offer.
Shares in Cadbury closed up 0.57 percent at 793 pence, compared to Kraft&&9;s hostile bid worth 729 pence. Many analysts believe Kraft will need to pay 820-850 pence to win Cadbury.
(Reporting by Matt Scuffham; Editing by Victoria Bryan)
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Kraft pledges discipline in Cadbury pursuit