Cadbury’s fate to be sealed today
CADBURY workers were converging on London today to press the government to demand guarantees from Kraft over jobs and investment if the US giant’s bid is accepted by shareholder this afternoon.
Jack Dromey, deputy general secretary of Unite, said the union feared the sale was not in the national interest. “We have heard nothing from Kraft to calm fears that it is in the interest of the Cadbury workforce either,” he said.
Shareholders have until 1pm to accept the deal from Kraft, which values the Birmingham chocolate maker at £11.4 billion. If more than 75% of shareholers agree, Cadbury can be delisted from the sStock Exchange.
Mr Dromey said: “The fate of manufacturing workers in Terry’s of York, who found that Kraft ownership saw their plant close, weighs heavily on the minds of the Cadbury workforce. Kraft cared little for the great history of that plant or for the skills of its workforce so we must seize the opportunity now to ensure that Cadbury and its workforce do not suffer the same fate.
“Ministers must make it abundantly clear that closures and mass redundancies will not be accepted by the British government or the British people.”
It is thought unlikely that opther bidders will enter the fray at the eleventh hour – Italian confectionary group Ferraro has already ruled itself out, and US firm Hershey has done the same.
Kraft says the takeover will create a “global confectionery leader”, making the combined group world number one in the chocolate and sugar confectionery market and “a strong number two” for chewing gum.
