Kraft CEO Irene Rosenfeld speaks during a town hall meeting for all Kraft and Cadbury employees at Kraft Headquarters Friday. (William DeShazer/Chicago Tribune)
By Mike Hughlett | The better-late-than-never imprimatur of Cadbury PLC’s board and top management will be important in seemlessly melding the big British candy maker into its new owner, Kraft Foods Inc. So said Kraft Chief Executive officer Irene Rosenfeld in an interview with the Tribune Friday.
Kraft’s almost five-month quest to buy Cadbury was all but completed Tuesday when over 70 percent of Cadbury’s shareholders voted to accept a roughly $19 billion bid. Kraft had been pursuing a $16.7 billion hostile takeover of Cadbury, but upped its bid two weeks ago, and Cadbury’s board accepted on friendly terms.
“That went a long way towards smoothing things over,” Rosenfeld said.
Prior to that, relations between the companies were anything but friendly. Cadbury’s Chairman Roger Carr derisively referred to Kraft as a “low growth conglomerate,” and at one point publicly referred to Kraft’s “management weakeness.”
Friday, at an employee meeting at Kraft’s Northfield headquarters, Rosenfeld said she hoped “Cadbury’s fighting spirit will be fighthing with Kraft Foods and not against it.” In a speech webcast to all Kraft and Cadbury workers, she urged them to fight against a common foe – competitors, notably confectionary kingpin Mars Inc.
At the meeting, Rosenfeld also praised former Cadbury Chief Executive Todd Stitzer and other top Cadbury managers for their help since the deal was agreed upon.”They have done their utmost to ensure a smooth transition,” she said.