Business News - Kraft remains focused on Cadbury

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Kraft remains focused on Cadbury

NORTHFIELD, Ill. (UPI) -- U.S. food giant Kraft said it would continue to pursue Cadbury, and called for a "disciplined approach" in its quest for the chocolate maker.

"We remain interested, but will maintain a disciplined approach," Kraft Chairman and Chief Executive Officer Irene Rosenfeld said.

The Times of London said Wednesday Kraft had assembled $9 billion in financing from nine banks, including one from the United States (Citigroup), one from Germany (Deutsche Bank) and one from Britain (Barclays).

Cadbury turned down Kraft's first offer, made in September, calling the $16.7 billion bid an "unappealing prospect."

"There has been a lot of speculation about what we can afford. What we can afford is not relevant. What is relevant is what Cadbury is worth," Rosenfeld said during a conference call Tuesday night.

Copyright 2009 by United Press International

This news arrived on: 11/04/2009

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