Yesterday, Kraft Foods Inc. proposed a multi-billion dollar takeover of British chocolate, gum and candy manufacturer Cadbury PLC. Cadbury’s share of the world confectionary market is greater than 10 percent, while Kraft comes in fifth at 4.5 percent.
Cadbury immediately rejected the offer, saying that Kraft undervalued the company. However, Kraft officials say they intend to sweeten the deal to one that Cadbury’s board could accept.
Experts suggest that these negotiations could spur another round of food industry consolidation.
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Source: USA Today