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Three top officials at British candymaker Cadbury PLC are departing the company following its shareholders’ approval of Kraft Foods, Inc.’s $19.5 billion acquisition.
Todd Stitzer, Cadbury’s CEO, will leave the company after 27 years, while CFO Andrew Bonfield will do the same after one year with Cadbury. Roger Carr, Cadbury’s chairman, will similarly follow suit at an undisclosed date. All three executives initially voiced opposition to the takeover and accepted it only after Kraft increased its offer by 9 percent.
On Tuesday, Kraft revealed that almost 72 percent of Cadbury shareholders voted in favor of the deal to solidify the creation of a global powerhouse in snacks, confectionery and quick meals.
Said Kraft Foods’ chairman and CEO Irene Rosenfeld: “Together, we have impressive global reach and an unrivaled portfolio of iconic brands, with tremendous growth potential. I warmly welcome Cadbury employees into the Kraft Foods family and look forward to meeting many of them in the days and weeks ahead. This combined company has a phenomenal future, and I firmly believe it will deliver outstanding returns to our shareholders.”
The final offer remains open, and Cadbury shareholders who have not yet accepted the offer are encouraged to do so without delay. Further information, including the final offer documents, can be found at www.transactioninfo.com/kraftfoods.
The combined company’s portfolio includes 11 famous brands with revenues exceeding $1 billion: Oreo, Nabisco and LU biscuits; Milka and Cadbury chocolates; Trident gums; Jacobs and Maxwell House coffees; Philadelphia cream cheeses; Kraft cheeses, dinners and dressings; and Oscar Mayer meats. Another 70-plus brands generate annual revenues of more than $100 million.