Kraft Chief Executive's Personal Promise to Britain over Cadbury
Kraft Chief Exectuive Irene Rosenfeld has sent a letter to Business Secretary Lord Mandelson insisting that the proposed takeover of Cadbury is "good news for British manufacturing" and promising to act with "respect for Cadbury's heritage, people and identity".
While it is a personal letter, and I don't believe it has been publicly released yet, it is in effect the promise Kraft is making to the British government and Britain as a whole.
Here is what it says:
Rt Hon Lord Mandelson
Secretary of State
Department for Business, Innovation and Skills
1 Victoria Street
London
SW1H 0ET
19 January 2010
Dear Secretary of State:
Further to my letter to you of December 10th, you will know that this morning we announced the detailed terms of our Final Offer for Cadbury and that the board of Cadbury unanimously recommends Cadbury Securityholders to accept the terms of this Offer.
I am confident that the combination of Kraft Foods and Cadbury is good news for both companies. As we have said, the Offer reflects our view of the strength of Cadbury's business, its brands and the future potential for growth. I also believe that, over the long term, this is good news for British manufacturing and will enable us to accelerate growth beyond what the two companies could achieve alone.
I recognise the concerns of the UK government and I can again assure you of our intentions to proceed with sincere respect for Cadbury's heritage, people and identity.
Yours sincerely,
Irene B Rosenfeld
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oh that's ok then, mandy has a letter! all that posturing and spinning and he gets a letter. it would be funny if it wasn't so serious. he would have been better off keeping his mouth shut. whatever next, assurances and undertakings? they will be as useful as a chocolate teapot as well.
prof bailey's blogs at this paper should be required reading for the government, I think.
Yes next will be Brown and Mandelson posturing about having had 'assurances' and 'undertakings'; as Bailey's blogs have shown, these are pretty useless but are just a political escape valve for ministers who anyway support global capital flows and don't want to act.
Anyone remember Heinz promising to keep HP Sauce in Aston?
Or Nanjing to restart production at Longbridge?
Instead we just sell the technology and the intellectual rights to the highest bidder and lose all the money and wealth creation.
So, let's get this straight. the govt bail out RBS who part fund the Kraft take-over of Cadbury. Mandy calls for long-termism and publically opposes 'asset-stripping' but then says he can't do anything and that it's not him job to intervene. he and the PM get assurances from Kraft which are worthless. what a sad and rather pathetic bunch. not that the Tories would be any better.
This whole affair stinks, not least because of RBS's involvement. Here we have a world leading British company being thrown to the dogs for no other reason than it suits a bunch of short-termist scavengers in the financial sector. This is disgusting.
Promises, promises, promises - from a woman who looks just like a New Labour supporter!
Isn't Kraft largely owned by Philip Morris, the tobacco company responsible for encouraging nicotine addiction and causing cancer?
As if anyone would believe a word these people say!
The founding fathers of Cadburys must be turning in their graves.
"..... proceed with sincere respect for Cadbury's heritage, people and identity."
It's like a Yes Minister joke, only it's really happening. How stupid does Kraft think we are? You make plastic cheese, woman! The likelihood of your company taking any notice of Cadbury's heritage, identity or the poor employees is nil. Have you even noticed the little stories on the side of Liquorice Allsorts and Jelly Babies saying how they came about? Of course not. What do you care that Jelly Babies were originally "peace babies" to mark the end of WW1 and are inextricably linked to the British psyche? I, like many others, had a relative who fought in the trenches. Poor and working class he may have been, but he was a damn sight better person than you will ever be.
What heritage is there in plastic cheese?
So Kraft has made a bid for Cadbury a British icon, but it appears Kraft are not using American or their own money - no!
They are using our money, the taxpayers money, via Royal Bank of Scotland, who the majority shareholder is us
the taxpayer. Smells a bit like Terry's and Manchester United, both US bids and look where they are now.
Well Peter Mandleson, what part have your played in this saga.
I keep on praying that this take over falls through. I'm an American who has enjoyed a long love affair with Cadbury. I get mine from an English grocer here in the states. Seriously, our candies don't even come close to the quality of Cadbury. Please Cadbury...don't sell yourselves out.
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