Kraft to release robust sales & profit figures for 2009
British chocolate maker Cadbury is to unveil its robust sales and profit figures on Monday as it is trying to defend itself against 10.5 billion pounds hostile bid from American food giant Kraft.
The UK-based chocolate maker is expected to claim that its growth prospects as an independent company are healthy. However, it has no plans to release sales and profit targets for 2010.
But, Kraft objected Cadbury’s decision of not to publish sales and profit forecast for 2010.
Commenting on the issue, a spokesperson for Kraft said, “Cadbury shareholders will want to hear about the outlook for 2010 and to see some kind of management forecast for at least six months.”
It may be noted here that Warren Buffett, biggest shareholder in Kraft, recently warned the firm not to overpay for Cadbury.
Last week, Kraft increased the cash component of its cash and stock offer from 300p to 360p.
Cadbury has been fending itself off Kraft since August 2009 when the US firm made an unsolicited approach.