A quote from todays Telegraph
" Questions were being asked why it took Cadbury more than 5 months to report the contamination. Although the incident occured in january, the Foods Standard Agency was told only on Monday."
That timing is a good enough indicator for me.
Public announcement
This Cadbury bear is going into hibernation
I shall reappear, I know not when, but it wont be on Monday and thats for sure.

Kraft vows to be disciplined in pursuit of Cadbury

Kraft, the giant American food company, said last night that it would remain disciplined in pursuing a bid for Cadbury, the British chocolate maker, even as it lowered its outlook for sales for the coming year.

The US groups statement of intent came as reports suggested that Kraft had obtained $9 billion (5.5 billion) of financing for its bid from nine banks. The lead underwriters are understood to be Citigroup, Deutsche Bank and Barclays. Kraft declined to comment.

Cadbury to slam Krafts cheap hostile bid

Kraft ready to go hostile with bid for Cadbury as deadline looms

Offer by Kraft Foods Inc. for Cadbury PLC (Cadbury Schweppes)





TIDMCBRY

RNS Number : 1650C
Kraft Foods Inc.
09 November 2009

?
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION
OF THE RELEVANT LAWS OF THAT JURISDICTION


For Immediate Release


9 November 2009


OFFER


by


KRAFT FOODS INC.


for


CADBURY PLC


SUMMARY


* Kraft Foods is pleased to announce the terms of an Offer for Cadbury
* Kraft Foods will offer to acquire the whole of the issued and to be issued share
capital of Cadbury as follows:
+--------------------------+--------------------------------------+
| for each Cadbury Share | 300 pence in cash |
| | and |
| | 0.2589 New Kraft Foods Shares |
| | |
+--------------------------+--------------------------------------+
| for each Cadbury ADS | 1,200 pence in cash |
| | and |
| | 1.0356 New Kraft Foods Shares |
| | |
+--------------------------+--------------------------------------+





* The terms of Kraft Foods' Offer reflect all publicly available information on
Cadbury, including its recent interim management statement
* The Offer represents a substantial premium to the unaffected share price of
Cadbury
* The Offer represents an attractive multiple of Cadbury's underlying EBITDA
* Kraft Foods' current trading and prospects are strong
* Kraft Foods' estimated cost synergies have been carefully evaluated and are in
line with precedent transactions, including Cadbury's acquisition of Adams
* Cadbury Shareholders will share in the benefits of a combination, including
synergies, through the share element of the consideration
* No other potential offeror has publicly declared its interest in acquiring
Cadbury
* Kraft Foods remains committed to maintaining a financially disciplined approach

Commenting on the Offer, Irene Rosenfeld, Chairman and CEO of Kraft Foods, said:
"We remain convinced of the strategic merits for both companies of combining
Kraft Foods and Cadbury. We believe that our proposal offers the best immediate
and long-term value for Cadbury's shareholders and for the company itself
compared with any other option currently available, including Cadbury remaining
independent."
This summary should be read in conjunction with the full text of the following
announcement.
Enquiries:
+---------------------------------+-----------------+---------------------------------+
| Kraft Foods | | |
+---------------------------------+-----------------+---------------------------------+
| Perry Yeatman | (Media) | +1 847 646 4538 |
+---------------------------------+-----------------+---------------------------------+
| Chris Jakubik | (Investors) | +1 847 646 5494 |
+---------------------------------+-----------------+---------------------------------+
| | | |
+---------------------------------+-----------------+---------------------------------+
| Lazard (lead financial adviser) | | |
+---------------------------------+-----------------+---------------------------------+
| Jeffrey Rosen | | +1 212 632 6000 |
+---------------------------------+-----------------+---------------------------------+
| Antonio Weiss | | +1 212 632 6000 |
+---------------------------------+-----------------+---------------------------------+
| William Rucker | | +44 20 7187 2000 |
+---------------------------------+-----------------+---------------------------------+
| Peter Kiernan | | +44 20 7187 2000 |
+---------------------------------+-----------------+---------------------------------+
| | | |
+---------------------------------+-----------------+---------------------------------+
| Citigroup (corporate broking) | | |
+---------------------------------+-----------------+---------------------------------+
| David James | | +44 20 7986 4000 |
+---------------------------------+-----------------+---------------------------------+
| | | |
+---------------------------------+-----------------+---------------------------------+
| Deutsche Bank (corporate | | |
| broking) | | |
+---------------------------------+-----------------+---------------------------------+
| James Agnew | | +44 20 7545 8000 |
+---------------------------------+-----------------+---------------------------------+
| | | |
+---------------------------------+-----------------+---------------------------------+
| Brunswick Group (public | | |
| relations) | | |
+---------------------------------+-----------------+---------------------------------+
| Richard Jacques | | +44 20 7404 5959 |
+---------------------------------+-----------------+---------------------------------+
| Jonathan Glass | | +44 20 7404 5959 |
+---------------------------------+-----------------+---------------------------------+

Financial advisers:
Centerview Partners
Robert Pruzan
Citigroup
Leon Kalvaria
Deutsche Bank
Nigel Meek

Cadbury Rejects Bid From Kraft; Offer Worse Than Previous One





LONDON -(Dow Jones)- Cadbury PLC (CBRY.LN), a confectionary company, said Monday that it has noted Kraft Foods Inc. (KFT) unsolicited offer and recommends shareholders reject it.

MAIN FACTS:

-Offer consists of 300 pence and 0.2589 Kraft shares per Cadbury share, implying a value for each Cadbury share of 717 pence (based on the closing price of $26.78 for a Kraft share on Nov. 6 and an exchange rate of $1.6609/GBP

-Due to the fall in the Kraft share price since then, the implied value for each Cadbury share is around 4% lower.

-The Offer is worse than the proposal that the Board has previously rejected as fundamentally undervaluing Cadbury and its prospects.

-Confident Cadbury will deliver significant value - which should accrue wholly to shareholders

-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com

UK Trade Union Remains Skeptical Of Kraft's Jobs Commitment





LONDON -(Dow Jones)- U.K. trade union Unite said Monday it remains very skeptical about the commitment to U.K. jobs in Kraft Foods Inc.'s (KFT) latest bid for Cadbury PLC (CBY).

Despite welcoming the comments on U.K. jobs contained in Kraft's offer document Monday, Unite spokeswoman Jennie Formby said she remains "very skeptical."

Kraft said Monday it will be able to continue operating Cadbury's Somerdale factory in southwest England, "thereby preserving U.K. manufacturing jobs," should its GBP9.8 billion bid succeed. Cadbury is currently planning to close the plant.

In addition, Kraft said "the existing contractual employment rights, including pension rights, of all Cadbury Group employees will be fully safeguarded."

"We'll believe it when we see it," said Unite's Formby. "We'll be very careful not to accept too quickly any assurances without seeing what lies behind it."

Formby said the union had repeatedly tried to engage with Kraft since it originally proposed to buy Cadbury in early September.

"So far they've been more than happy to make comments in the press but they won't talk to us," she said.

Formby pointed out that Unite represents Cadbury employees in Ireland as well as the U.K., and Kraft has made no commitment to jobs outside the U.K.

She added that Kraft's own employees in Europe were also "very concerned" about their jobs.

-By Michael Carolan, Dow Jones Newswires; 44-20-7842-9278; michael.carolan@dowjones.com

Kraft's Latest Offer For Cadbury May Not Be Its Final Move





By Anjali Cordeiro and Michael Carolan
Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- Kraft Foods Inc.'s (KFT) move to leave its September bid for Cadbury PLC (CBY, CBRY.LN) unchanged could lay the groundwork for some horse trading.

Investors and analysts still believe any deal between the two companies is likely to happen at a higher price. But with no counter bidder emerging so far, Kraft didn't feel immediate pressure to raise its bid. Still, Cadbury shares continue to trade around 760 pence, above Kraft's Monday offer that valued the confectioner at 717 pence a share, signaling the market is still counting on a higher price.

Kraft doesn't appear to be completely ruling out talks of some kind, although Cadbury didn't comment on whether it is open to discussion. Kraft sees nothing in its current approach that prevents it from talking to Cadbury about a friendly deal, according to a person familiar with the matter.

Industry watchers believe there may be negotiations ahead. "I don't know [that] this is the end of the game. I would be surprised if a deal went through where it currently stands," said Kevin Dreyer, an analyst at Gabelli & Co. Gamco Investors Inc. (GBL), which is affiliated with Gabelli & Co, holds 3.3 million American depositary receipts of Cadbury and 100,000 ordinary shares. Dreyer specified that he wasn't commenting for Gamco or at what price Gamco might sell its Cadbury shares.

Dreyer said there could be discussions between the two companies behind the scenes, or, if they aren't able to work out a friendly deal, it would be left to Kraft to increase its bid and rely on shareholders. If Kraft were open to a price above 800 pence, that could open the door for some negotiations, he said.

Kraft spokeswoman Perry Yeatman said the company believes its offer is fair and attractive, and Kraft would be happy to talk to Cadbury "about the offer on the table."

Kraft in early September unveiled a stock-and-cash proposal that valued Cadbury at 745 pence a share, although a subsequent fall in Kraft's share price and the value of the U.S. dollar has since weakened the value of that offer. Kraft formalized its GBP9.8 billion ($16.3 billion) hostile bid for Cadbury on Monday but the U.K. confectioner quickly rejected the offer.

Thomas Russo, a partner at Gardner Russo & Gardner, which holds Cadbury shares, said he is still studying Kraft's offer to decide what action his firm will take, saying that he now expects "some horse trading." But Russo said he believes Cadbury can be attractive even without a deal. "Our equity returns can be quite decent even without a transaction," he says.

Still, Kraft may not want to go too high in any final offer. The macaroni-and-cheese maker is likely to remain under pressure from its own shareholders to hold down the price of any final deal. Kraft is already carrying around $20 billion in debt and needs to keep its investment-grade credit rating.

Cadburys board and shareholders face their own dilemma. If Kraft walks away and no other bidder emerges, the confectioners stock price could fall sharply. Kraft has repeatedly said that it will be a "disciplined" buyer.

Analysts in London agreed that Monday's offer was unlikely to be Kraft's final move. Charles Stanley's Jeremy Batstone-Carr said Kraft would now "dig in and wait before raising its offer in the hope that Cadbury's subsequent trading record deteriorates."

Under U.K. takeover rules, Kraft can wait 28 days to post the current offer to Cadbury's shareholders. A 60-day offer period then follows, meaning the process could extend into early February.

ING analyst Marco Gulpers said he is confident that no other bidders will emerge before then. "My view is that Kraft has a pretty good feeling on whether there is a counter offer likely or not, which there isn't, so they have time on their side," he said.

-By Anjali Cordeiro, Dow Jones Newswires; 212-416-2200; anjali.cordeiro@dowjones.com

CADBURY WATCH: Kraft Bid Worth 716P A Share As Of Nov 13

LONDON -(Dow Jones)- U.K. confectioner Cadbury PLC (CBY) Nov. 9 rejected a GBP9.8 billionoffer from Kraft Foods Inc. (KFT) as "derisory," after the U.S. food giant formalized its previous approach rather than raise it.

Kraft said in a statement it was offering Cadbury shareholders 300 pence in cash and 0.2589 new Kraft shares for each Cadbury share. The terms are identical to the proposal rejected by Cadbury as too low at the start of September.

The cash and share offer originally valued Cadbury at GBP10.2 billion, or 745 pence a share though a subsequent fall in Kraft's share price and the U.S. dollar has since weakened the value of the bid.

Kraft's stock closed up 0.3% at $26.91 Friday, which means its bid for Cadbury is now worth 716 pence a share and values the U.K. company at GBP9.8 billion, or $16.4 billion. Cadbury shares closed unchanged at 776 pence.

Union demands details of Krafts plan for Cadbury

Unite, the union representing Cadbury workers, has written to Irene Rosenfeld, the chief executive of Kraft, demanding more details about its plans for the British confectioner if its 9.8 billion bid is successful.

Ferrero family split over bid for Cadbury

The Ferrero family, owner of Ferrero Rocher, is understood to be divided over a possible audacious deal with Cadbury, the British confectioner.

Michele Ferrero, the head of the family, is said to be keen to keep the business independent rather than involve other investors in a play for Cadbury or take part in a tie-up with the maker of Dairy Milk, which is the subject of a 9.8 billion bid by Kraft, the American consumer goods company.

Statement re press comment.

Cadbury Shares Hit Two-Year High As Bid War Hopes Rise





By Steve McGrath
Of DOW JONES NEWSWIRES

LONDON -(Dow Jones)- Shares in U.K. confectioner Cadbury PLC (CBRY.LN) rose early Monday on new reports that Hershey Co (HSY), Nestle SA (NESN.VX) and Italy's Ferrero were all considering rival offers to the current GBP9.9 billion ($16.5 billion) bid from Kraft Foods Inc. (KFT).

At 0802 GMT, Cadbury shares were up 9 pence, or 1.2%, at 810 pence, the highest level since June 2007.

The move comes after the Wall Street Journal reported that the charitable trust that controls Hershey is pushing the chocolate maker to launch a rival $17 billion bid for Cadbury that would be richer and offer more cash than what Kraft has offered. Citing several people familiar with the matter, the paper said a bid, if one emerges, wouldn't be ready for at least two weeks, and its possible terms are in flux.

Meanwhile, Bloomberg reported on its website Sunday that Swiss food giant Nestle is considering various options which include a possible bid for Cadbury that would challenge Kraft's offer and a potential move by Hershey. Citing two people with knowledge of the matter, Bloomberg said Nestle is reviewing its options with bankers and may decide against a bid.

Meanwhile, people with knowledge of the situation told Dow Jones Newswires Friday that Ferrero is also considering all its options, including making an all-cash offer along with Hershey, and buying a large enough Cadbury stake to block Kraft Foods rather than buying the whole of the British company.

The people said Ferrero has well over EUR2 billion in cash ready for any bid, and wants to strike a friendly deal with Cadbury.

Italian bank Mediobanca (MB.MI) and Rothschild are advising Ferrero on the potential deal, and are working on a plan that could split Cadbury's chocolate and gum businesses with Hershey, another person involved in the talks said.

Nestllooms large over battle for Cadbury

Cadbury shares hit a record high yesterday as the market registered the entrance into the fray of Nestl the worlds largest food company.

Nestl interest in Cadbury has widened the gulf between Cadburys share price, which closed last night at 814p, and Krafts 800p hostile offer. Ferrero Group, the Italian maker of Ferrero Rocher, is also considering its options, as is Hershey, the American confectioner.

Cadbury talks with Hershey take fight to Kraft

With 24 hours to go before Cadbury's publishes its defence document, market sources have confirmed that Hershey is still looking at launching a bid but does not want to enter a hostile auction battle with Kraft.


Cadburys case to shareholders to go it alone

CADBURY will outline a robust defence of its position as an independent company tomorrow in an attempt to persuade its transatlantic shareholders to rebuff a 10 billion takeover bid from Kraft Foods.

Cadbury Issues Defence Document

The Board of Cadbury plc ("Cadbury" or the "Company") is today publishing its
shareholder circular (the "Circular") in response to the offer (the "Offer")
posted by Kraft Foods Inc. ("Kraft") on 4 December 2009. As stated in Cadbury's
announcement on 9 November 2009, the Board unanimously rejects Kraft's wholly
inadequate offer as it substantially undervalues Cadbury and recommends
shareholders reject the Offer.

The Board is committed to maximising shareholder value and believes that this
is best achieved through the strong continuing performance of an independent
Cadbury.

* Cadbury is a business with exceptional growth opportunities, reflecting its
strong position as a unique pure-play confectionery business, with iconic
brands and leading positions in the attractive confectionery market

* Cadbury has also built the leading position in emerging markets, which has
driven significant revenue growth and which we expect to drive strong
growth in the future

* The first two years of Vision into Action have transformed Cadbury into a
financially stronger, more competitive business which has delivered ahead
of our plan

* Kraft's offer fails to recognise the value of Cadbury's performance to date
and the benefits of completing the Vision into Action plan set out in June
2007

* Following a mid-term review of our plan, started in Spring 2009, we are
today setting out upgraded targets for the next four years which are
expected to deliver significant additional value. New long-term targets
include:

* Organic revenue growth of 5-7% per annum

* Improved margins of 16-18% by 2013

* 80-90% operating cash conversion from 2010

* Double digit growth in dividends per share from 2010 onwards

Statement re Cadbury plc


TIDMCBRY

RNS Number : 1177E
Kraft Foods Inc.
15 December 2009

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION
OF THE RELEVANT LAWS OF THAT JURISDICTION


For immediate release
15 December 2009


KRAFT FOODS INC.
("KRAFT FOODS")

STATEMENT REGARDING CADBURY PLC
("CADBURY") AND US COMPETITION CLEARANCE


Kraft Foods has considered Cadbury's formal response to its offer to acquire all
of the issued and to be issued share capital of Cadbury (the "Offer").
Cadbury Shareholders are being asked to choose between having the value
certainty and upside potential of the Offer versus taking the risk of continuing
to own Cadbury Shares in the absence of any offer.
Certainty and upside potential of the Offer
As outlined in Kraft Foods' offer documentation:
* the Offer represents a substantial premium to the unaffected share price of
Cadbury;
* Kraft Foods believes that Cadbury and Kraft Foods represent a uniquely
complementary fit;
* Kraft Foods believes that a combination with Cadbury will provide the potential
for meaningful revenue synergies and significant cost savings, delivering
substantially more value than Cadbury could achieve on its own;
* Kraft Foods believes that its current trading and prospects are strong; however,
since the announcement of its possible offer for Cadbury on 7 September 2009,
Kraft Foods believes its share price performance has been adversely affected by
a number of deal-related factors of a short-term nature, which are expected to
dissipate once there is clarity over the outcome of Kraft Foods' Offer.

Risks of continuing to own Cadbury Shares
In contrast with the value certainty and upside potential provided by the Offer,
Cadbury is asking its shareholders to put their faith in possible future value
creation based on a set of long-term targets, never before achieved by Cadbury
and subject to significant risk and uncertainty. Furthermore, Kraft Foods notes
that Cadbury has chosen to concentrate on long term targets, with very little
information on its prospects for 2010.
In this context, Cadbury Shareholders might wish to ask Cadbury the following
questions, which are not addressed in Cadbury's defence document (the "Defence
Document"):
1. How will Cadbury deliver its new revenue growth targets?
What are the specific volume and price / mix assumptions underlying Cadbury's
growth targets? Specifically, in a relatively low inflation environment, what
are Cadbury's assumptions regarding price increases, given that Cadbury's
revenue growth in the first three quarters of 2009 was price / mix driven? In
addition, to the extent that revenue growth in developed markets requires
underlying volume growth, how does Cadbury reconcile this requirement with its
lack of volume growth to date in 2009? And what is Cadbury's expectation for
volume growth in developed markets in 2010?
2. How will Cadbury deliver its margin targets without further spending on
restructuring?
Cadbury has spent in excess of GBP1 billion in "one off" costs during nearly
seven years of its Fuel for Growth and Vision into Action restructuring
programmes. And, it plans to keep spending until 2011. Cadbury has previously
exceeded its restructuring cost targets. Kraft Foods notes that, by Cadbury's
own admission, Cadbury has yet to deliver 55% of its expected annual savings
from the Vision into Action programme even though it has incurred 80% of its
targeted costs. How can Cadbury deliver its revised margin targets with only a
25-50 basis point increase in business improvement costs?
3. Are Cadbury's margin goals achievable?
Key input costs, such as cocoa, are expected to remain high. Why hasn't Cadbury
provided guidance for expected input costs into 2010? Also, given its stated
confidence in its long term margin targets, why has Cadbury not forecast its
much more relevant and nearer term 2010 earnings?
4. What is Cadbury's underlying cash flow?
After excluding cash flow from discontinued operations and disposal proceeds,
Cadbury has generated limited free cash flow since 2006. How much free cash flow
(excluding discontinued operations and disposal proceeds) will Cadbury generate
in 2009? How much free cash flow does Cadbury expect in 2010?
Commenting on Cadbury's Defence Document, the Chairman and CEO of Kraft Foods,
Irene B. Rosenfeld, said:
"We have heard nothing from Cadbury that surprises us. Cadbury's Defence
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' shareholders. Having said that, Kraft
Foods will continue to maintain a disciplined approach with respect to the
acquisition of Cadbury in line with the criteria outlined in our offer
documentation."
US Competition Clearance
Kraft Foods is pleased to announce that the applicable waiting period under the
United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 (as amended)
has now expired. Accordingly, the US competition condition to the Offer is now
satisfied.

Berkshire Hathaway Votes 'No' To Kraft's Cadbury Funding Plan





DOW JONES NEWSWIRES

Berkshire Hathaway (BRK.A, BRK.B) voted against Kraft Foods Inc.'s (KFT) plans to issue up to 370 million shares to fund its bid for Cadbury PLC (CBY), in the latest hurdle for the U.S. food company to acquire the company.

Kraft Foods Inc. (KFT) sweetened its hostile takeover offer for Cadbury PLC (CBY) on Tuesday, offering to tweak the cash-and-share mix of its $16 billion bid, but Cadbury and some of its investors quickly dismissed the new bid as still too low.

Shares of Kraft, which wasn't immediately available to comment on Berkshire's statement, were up 1.8% at $27.92 in recent premarket trading.

Berkshire Hathaway, headed by investor Warren Buffett, said it holds about 138.3 million shares--or 9.4% of Kraft's shares--which it believes makes it the company's largest shareholder.

Berkshire said the share-issuance plan would "give Kraft a blank check allowing it to change its offer to Cadbury--in any way it wishes." It added that "we worry very much that, indeed, there will be an additional change from the revision announced this morning (Tuesday)."

The company also said, "What we know with certainty, however, is that Kraft stock, at its current price of $27, is a very expensive 'currency' to be used in an acquisition. In 2007, in fact, Kraft spent $3.6 billion to repurchase shares at about $33 per share, presumably because the directors and management thought the shares to be worth more."

However, Berkshire did note that Kraft has two weeks to announce a final offer for Cadbury. "If we conclude at that point that the offer does not destroy value for Kraft shareholders, we will change our vote to 'yes'" on the share-issuance plan.

Kraft bid for Cadbury dealt a blow after vote

Kraft's hostile takeover bid for Cadbury suffered a further upset this morning after it emerged that shareholders holding just 1.5 per cent in the British confectioner accepted the deal.

The chances of Kraft gaining control of Cadbury through the 10.5 billion bid have been hit by Cadbury investors refusing to accept the deal as it currently stands and the refusal of its biggest shareholder, the legendary investor Warren Buffett, to back a new share issue which could have helped to raise the offer.

From the BBC.

Cadbury agrees Kraft takeover bid

Cadbury is to be taken over by the American food company Kraft after its board approved a new increased bid, the BBC has learned.

The Cadbury board will advise its shareholders to accept a new offer of 840 pence a share - valuing the company at 11.5bn.

Cadbury shareholders will also receive a dividend of 10 pence a share, BBC business editor Robert Peston says.

The deal will bring to an end months of animosity between the two companies.

The offer will consist of 500 pence in cash, with the rest made of Kraft shares. Kraft will borrow 7bn ($11.5bn) to finance the deal.

Recommended Final Offer terms
* The board of Kraft Foods is pleased to announce the detailed terms of a
recommended Final Offer for Cadbury and the board of Cadbury unanimously
recommends Cadbury Securityholders to accept the terms of the Final Offer.
* Under the terms of the Final Offer, Cadbury Securityholders will be entitled to
receive:

for each Cadbury Share 500 pence in cash
and
0.1874 New Kraft Foods Shares
for each Cadbury ADS 2,000 pence in cash
and
0.7496 New Kraft Foods Shares
representing, in aggregate, 840 pence per Cadbury Share and GBP 33.60 per
Cadbury ADS.


* In addition, Cadbury Shareholders will be entitled to receive 10 pence per
Cadbury share by way of a Special Dividend following the date on which the Final
Offer becomes or is declared unconditional.

* The terms of the Final Offer reflect the strength of Cadbury's business, its
brands and the future potential for growth through the combination of Kraft
Foods and Cadbury.