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Unformatted text preview: Kraft Said to Be in Talks to Buy Cadbury, Raise Offer (Update2) Share | Email | Print | A A A By Zachary R. Mider Jan. 18 (Bloomberg) -- Kraft Foods Inc. is in talks with Cadbury Plc about buying the U.K. chocolate maker for as much as 12.1 billion pounds ($19.8 billion), according to a person with knowledge of the matter. The companies are discussing a price of 840 pence to 850 pence a share, said the person, who declined to be identified because the negotiations are private. Kraft’s current cash-and- stock bid values the U.K. chocolate maker at 769 pence a share, below Cadbury’s closing share price of 808 pence today. A deal between the companies would end more than four months of resistance by Cadbury, the maker of Creme Eggs and Dairy Milk chocolate bars. As recently as Jan. 14, Cadbury called Northfield, Illinois-based Kraft an “unfocused conglomerate” with businesses in “unappealing categories.” Kraft, the maker of Oreo cookies and Tang powdered drinks, has to raise its bid by at least 10 percent to 850 pence...
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- Spring '11