Cadbury's boss admits there is some sense in Kraft's takeover ambitions

CADBURY chief executive Todd Stitzer has softened his stance on a possible takeover by US food giant Kraft, admitting that there are some &ldquo;complementary elements&rdquo; in the two companies&rsquo; portfolios.<br /><br />&ldquo;I would never say there&rsquo;s not some strategic sense in these businesses coming together,&rdquo; said Stitzer yesterday. He added that in areas such as Europe, Brazil, Russia and China there were &ldquo;clear combinations of either routes to market or complementary elements of the confectionery portfolio&rdquo;.<br /><br />However, he said that Cadbury&rsquo;s shareholders would reject the deal at the &pound;9.7bn price offered by Kraft earlier this month, and that they wish to concentrate of growing the company &ndash; unless Kraft comes back with a higher bid for the firm.<br /><br />&ldquo;I completely respect the fact that we would be attractive to someone else, but the world of large conglomerates has passed,&rdquo; Stitzer said in an interview with the Wall Street Journal. <br /><br />Meanwhile,Cadbury is considering whether or not it should force Kraft&rsquo;s hand by asking the Takeover Panel to issue the American confectionary giant with a &ldquo;put up or shut up&rdquo; ultimatum for its bid.