MPs have blasted the conduct of Kraft Foods since its takeover of Cadbury in a new report.
Members of the Business, Innovation & Skills Committee said they had “significant concerns” over the takeover. They claimed “some of the soul of Cadbury has already been lost” since its £11.5bn takeover in 2010.
MPs also highlighted what they called the “regrettably dismissive attitude” toward the panel shown by Kraft boss Irene Rosenfeld.
However, the committee claimed in the report – ‘Is Kraft Working For Cadbury?’ – there were now “positive signs” over the company’s direction.
“Our overall conclusion is that while there remain some significant concerns about the takeover of Cadbury, a number of positive signs are beginning to emerge,” the report said. “Those positive messages would have been considerably more convincing if conveyed directly to bodies such as ourselves from the top of the organisation.”
Responding to the report, Kraft said: “The facts show Kraft has been an excellent steward of Cadbury. That is reflected in the report.”
Kraft keeps lid on costs to drive strong first quarter (6 May 2011)
Kraft brass can’t rule out more Cadbury job cuts (16 March 2011)