Kraft Foods Inc is still interested in acquiring Cadbury PLC but plans to deliver solid results with or without the British candy maker, Kraft said on Tuesday.
Kraft has little time left to make a firm offer for Cadbury.
British regulators set a Monday deadline for Kraft to make a formal bid or walk away for six months. The company announced in September that it had made a US$16.7 million initial proposal for Cadbury and was rebuffed.
Kraft officials would not disclose the price or timing of a potential offer, saying they were limited by regulations. But they hinted it might come soon, suggesting investors watch the company’s official filings.
If Kraft does acquire Cadbury, it would create an industry giant, combining the world’s second-largest food maker and one of the world’s largest confectioners.
Kraft CEO Irene Rosenfeld reiterated that the company would maintain a disciplined approach to the deal. Kraft is committed to maintaining its investment-grade credit rating and to paying investor dividends, she said.
“Let me underscore once again, with or without Cadbury, Kraft Foods is well-positioned to deliver top-tier performance,” she told investors.
Kraft reported on Tuesday that it earned US$824 million, or US$0.55 per share in its third quarter, down from US$1.36 billion, or US$0.91 per share, a year earlier, when its results included a US$0.57 gain from the Post Cereal business it has since sold.
The company’s said its profit margins and sales volume rose from previous quarters but lower retail prices on some products, such as cheese — which Kraft slashed when costs for key ingredients dropped — took a toll.
Revenue fell nearly 6 percent to US$9.8 billion, also hurt by the impact of the stronger dollar on its revenue earned abroad. Kraft increased its profit forecast for the full year from US$1.93 to US$1.97 per share.
Beijing’s continued provocations in the Taiwan Strait reveal its intention to unilaterally change the “status quo” in the area, the US Department of State said on Saturday, calling for a peaceful resolution to cross-strait issues. The Coast Guard Administration (CGA) reported that four China Coast Guard patrol vessels entered restricted and prohibited waters near Kinmen County on Friday and again on Saturday. A State Department spokesperson said that Washington was aware of the incidents, and urged all parties to exercise restraint and refrain from unilaterally changing the “status quo.” “Maintaining peace and stability across the Taiwan Strait is in line with our [the
EXTENDED RANGE: Hsiung Sheng missiles, 100 of which might be deployed by the end of the year, could reach Chinese command posts and airport runways, a source said A NT$16.9 billion (US$534.93 million) project to upgrade the military’s missile defense systems would be completed this year, allowing the deployment of at least 100 long-range Hsiung Sheng missiles and providing more deterrence against China, military sources said on Saturday. Hsiung Sheng missiles are an extended-range version of the Hsiung Feng IIE (HF-2E) surface-to-surface cruise missile, and are believed to have a range of up to 1,200km, which would allow them to hit targets well inside China. They went into mass production in 2022, the sources said. The project is part of a special budget for the Ministry of National Defense aimed at
READY TO WORK: Taiwan is eager to cooperate and is hopeful that like-minded states will continue to advocate for its inclusion in regional organizations, Lai said Maintaining the “status quo” in the Taiwan Strait, and peace and stability in the Indo-Pacific region must be a top priority, president-elect William Lai (賴清德) said yesterday after meeting with a delegation of US academics. Leaders of the G7, US President Joe Biden and other international heads of state have voiced concerns about the situation in the Strait, as stability in the region is necessary for a safe, peaceful and prosperous world, Lai said. The vice president, who is to be inaugurated in May, welcomed the delegation and thanked them for their support for Taiwan and issues concerning the Strait. The international community
COOPERATION: Two crewmembers from a Chinese fishing boat that sank off Kinmen were rescued, two were found dead and another two were still missing at press time The Coast Guard Administration (CGA) was yesterday working with Chinese rescuers to find two missing crewmembers from a Chinese fishing boat that sank southwest of Kinmen County yesterday, killing two crew. The joint operation managed to rescue two of the boat’s six crewmembers, but two were already dead when they were pulled from the water, the agency said in a statement. Rescuers are still searching for two others from the Min Long Yu 61222, a boat registered in China’s Fujian Province that capsized and sank 1.03 nautical miles (1.9km) southwest of Dongding Island (東碇), it added. CGA Director-General Chou Mei-wu (周美伍) told a