The acquisition of Cadbury faced widespread disapproval from the British public, as well as groups and organisations including trade union Unite, who fought against the acquisition of the company which, according to Prime Minister Gordon Brown, was very important to the British economy. Unite estimated that a takeover by Kraft could put 30,000 jobs "at risk", and UK shareholders protested over the Mergers and Acquisitions advisory fees charged by banks. Cadbury's M&A advisers were UBS, Goldman Sachs and Morgan Stanley. Controversially, RBS, a bank 84% owned by the United Kingdom Government, funded the Kraft takeover. http://www.publications.parliament.uk/pa/cm200910/cmselect/cmbis/234/23405.htm High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email firstname.lastname@example.org to buy additional rights. http://cachef.ft.com/cms/s/a153ff94-595f-11df-99ba-00144feab49a.html#ixzz1dKyAgSEK Cadbury helps Kraft to 26% rise in revenues
By Greg Farrell in New York and Elizabeth Rigby in London
Published: May 6 2010 23:54 | Last updated: May 6 2010 23:54 Kraft Foods reported net revenues of $11.3bn for the first quarter 2010, a 26 per cent gain over the comparable period in 2009, much of it fuelled by the US food company’s acquisition of Cadbury, completed in February, and aided by favourable currency exchange rates. Organic revenues for Kraft grew 3.3 per cent for the quarter, while Cadbury’s organic revenue growth was 8.2 per cent. Net earnings for the company were $1.9bn, largely from a $1.6bn gain on the divestiture of Kraft’s pizza business.