Kraft To Meet With Cadbury Workers Wednesday
November 24 2009 - 12:46PM
Dow Jones News
Kraft Foods Inc. (KFT) is set to meet with labor representatives
for Cadbury PLC's (CBY) workers Wednesday to discuss its plans for
the U.K. confectioner, which Nov. 9 rejected a GBP9.8 billion offer
from Kraft as "derisory" after the U.S. food giant formalized a
previous approach rather than raise it.
It will be the first face-to-face meeting that the Unite trade
union has had with Kraft following various calls since Kraft's bid
was launched, Unite spokeswoman Jennie Formby told Dow Jones
Newswires.
Unite plans to follow up on its demands first sent to Kraft boss
Irene Rosenfeld on Nov. 15 which included guarantees on jobs and
sites and the preservation of full pension benefits and
contributions, Formby added.
Kraft has had no direct contact with Cadbury management since an
initial discussion between Rosenfeld and Cadbury chairman Roger
Carr Aug. 28. Rosenfeld followed up that meeting with a letter
detailing an offer, which Cadbury's board discussed before formally
rejecting it a few days later.
-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241;
marietta.cauchi@dowjones.com
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