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Cadbury mulls takeover deal

CADBURY could today publish its defence documents to reject Kraft&rsquo;s hostile takeover bid as next week&rsquo;s bid deadline draws nearer.<br /><br />On Friday Kraft published its formal documents for its &pound;10bn hostile bid, triggering a 60-day timetable operated under Takeover Panel rules&nbsp; &ndash; investors have been given until 5 January to accept the offer.<br /><br />Kraft&rsquo;s relentless approach to the takeover sparked business secretary Lord Mandelson to break ranks from Labour&rsquo;s welcoming attitude to overseas ownership by warning Kraft: &ldquo;If you think you can come here and make a fast buck you will find that you face huge opposition from the local population... and the British government.&rdquo;<br /><br />Meanwhile details have emerged about Kraft boss Irene Rosenfeld&rsquo;s lavish corporate budget,which include a corporate jet and $10,000 (&pound;6,073) counselling allowance. It emerged she will pocket a $3m to $8m bonus on top of her $1.46m salary this year. <br /><br />A source close to Cadbury confirmed that chairman Roger Carr did not have a company jet adding &ldquo;It&rsquo;s not the way how British corporates operate.&rdquo;<br />Cadbury, which has already rejected the offer as &ldquo;derisory&rdquo;, yesterday declined to comment.