Outgoing Cadbury chairman Roger Carr has blamed hedge funds for effectively forcing the sale of the iconic UK confectioner.
Carr told Oxford University’s Saïd Business School that hedge funds – which held a 30% stake in the Dairy Milk maker – wielded too much influence in hostile takeover bids.
He said the backing of 60% of shareholders should be required for a bid to be successful, according to The Times, rather than the current benchmark of 50.1%.
Carr last week confirmed that he would be stepping down as Cadbury chair in the wake of its £11.7bn takeover by Kraft Foods, alongside departing chief executive Todd Stitzer – who is in line for a multimillion-pound windfall as direct result of the sale.
Yesterday Kraft confirmed that up to 400 jobs could go as a result of its decision to close Cadbury’s facility at Somerdale – reneging on an earlier pledge to keep the plant open.
Kraft goes back on pledge to keep Cadbury Somerdale open (9 February 2010)
Will Kraft be able to stop the brain drain at Cadbury? (analysis; 6 February 2010)
The big steal: how Cadbury fell into Rosenfeld’s clutches (analysis; 23 January 2010)