Cadbury Sour On Kraft Bid

吉百利食品有限公司(Cadbury PLC)迅速拒绝卡夫食品(Kraft Foods Inc.)出人意料的102亿英镑（167.3亿美元）的收购要约可能将引发一场激烈的战斗，其结果可能彻底重塑全球糖果市场的格局。周一下午，已有迹象表明卡夫食品可能面临对这家英国公司的争夺。一位知情人士透露，宾夕法尼亚州知名巧克力生产商好时食品(Hershey Co.)可能做出某些反应。Associated Press卡夫食品周一公布了以现金加股票方式收购吉百利的方案，而吉百利私下里已经拒绝了这个建议。在公开拒绝这个方案时，吉百利说，这一报价大大低估了该公司的价值。卡夫食品的这个报价比吉百利上周五的收盘价高出了31%。对卡夫食品和公司董事长兼首席执行长罗森菲尔德(Irene Rosenfeld)而言，这项交易将扩大该公司在全球的业务触角，把世界上最知名的品牌──从卡夫食品的奥利奥饼干(Oreo)和Velveeta奶酪到吉百利巧克力棒和Trident口香糖──纳入同一屋檐之下。它可能会为Mars Inc.创造一个强大的竞争对手，后者去年通过收购箭牌(Wm. Wrigley Jr. Co.)而更加傲视群雄。拒绝立即给卡夫食品带来了提高出价的压力。了解吉百利的人士说，该公司将这个报价视为在其估值较低时的一个机会主义做法。这种做法可以让吉百利决定是坚持和捍卫其独立性还是寻求卡夫食品提高报价，或是寻找一家友好的竞购者。吉百利首席执行长斯蒂策(Todd Stitzer)目前还在实施该公司4年增长计划的过程之中。一位知情人士解释说，好时食品对卡夫食品竞购的可能反应源自它认识到“吉百利是存在被收购机会的最后一家主要糖果公司”。好时食品和吉百利以前曾进行过商谈。根据长期协议，好时在美国分销吉百利的产品。卡夫和吉百利之间的交易将缔造一个年收入500亿美元的全球食品巨头，并将使卡夫通过获得新的品牌提升增长前景，特别是在诱人的口香糖市场上。糖果产品的利润率通常比卡夫2008年全公司9%左右的运营毛利率更高。这项交易将增加卡夫现有产品的分销渠道。吉百利在国外市场的业务尤其具有吸引力。吉百利的绝大部分销售都在美国之外，超过三分之一都是在快速增长的新兴市场。卡夫食品对每股吉百利股票的出价是745便士──300便士外加0.2589股卡夫食品新股。罗森菲尔德在接受采访时说，她认为卡夫食品提出了“全面而公允”的报价。不过，卡夫并不排除提高报价。罗森菲尔德承诺同吉百利进行“建设性对话”，但说卡夫是能够自我约束的买家。周一的猜测主要集中在好时食品或雀巢公司(Nestle SA)能否在卡夫之外单独或是合作介入。多年来，好时和吉百利曾经商谈过合并事宜。2007年1月，吉百利的首席执行长生于美国的斯蒂策曾与好时当时的首席执行长莱尼(Richard Lenny)会谈，建议他们建立一个“全球糖果巨头”，但会谈没有取得任何进展。到好时的控股股东Hershey Trust Co.试图在2007年底恢复谈判时，达成交易的气氛已经降温了。Hershey Trust一再拒绝放弃对好时的控制，因此看来与吉百利达成交易的唯一途径就是收购它。与此同时，雀巢在英国拥有庞大的巧克力业务。如果与吉百利合并，它可能引发竞争监管机构的担忧。不过，了解这家瑞士巨头的知情人士表示，卡夫的举措至少会迫使雀巢关注吉百利。雀巢首席长执行薄凯(Paul Bulcke)说，公司始终“对符合公司战略的收购机会持开放态度”，但它目前的胃口有限。Dana Cimilluca / Ilan Brat / Julie Jargon相关阅读谁会成为吉百利的下一个竞购者？ 2009-09-08卡夫食品CEO：卡夫食品将坚持做遵守规则的收购方 2009-09-07雀巢CEO：对收购持开放态度；不对卡夫与吉百利间的交易置评 2009-09-07英国工会要求与卡夫和吉百利会谈；警告勿作草率承诺 CBY 2009-09-07吉百利以低估公司价值和前景为由拒绝了卡夫食品的收购提议 2009-09-07卡夫食品167.3亿美元求购吉百利遭拒 2009-09-07 本文涉及股票或公司document.write (truthmeter('2009年09月08日12:03', 'KFT'));卡夫食品英文名称：Kraft Foods Inc.总部地点：美国上市地点：纽约证交所股票代码：KFTdocument.write (truthmeter('2009年09月08日12:03', 'HSY'));好时食品英文名称：Hershey Co.总部地点：美国上市地点：纽约证交所股票代码：HSYdocument.write (truthmeter('2009年09月08日12:03', 'CBY'));Cadbury PLC (ADS)总部地点：英国上市地点：纽约证交所股票代码：CBYdocument.write (truthmeter('2009年09月08日12:03', 'CBRY.LN'));吉百利食品有限公司英文名称：Cadbury PLC总部地点：英国上市地点：伦敦股票代码：CBRYdocument.write (truthmeter('2009年09月08日12:03', 'NSRGY'));Nestle S.A. (ADS)总部地点：瑞士(Switzerland)上市地点：美国场外交易粉单市场(Pink Sheet)股票代码：NSRGYdocument.write (truthmeter('2009年09月08日12:03', 'NESN.VX'));Nestle S.A.总部地点：瑞士(Switzerland)上市地点：VTX股票代码：NESN


Cadbury PLC's quick rejection of Kraft Foods Inc.'s surprise GBP 10.2 billion ($16.73 billion) takeover offer sets the stage for a drawn-out battle that could dramatically reorder the global candy market.On Monday afternoon, it appeared that Kraft might face competition for the  U.K. company. Hershey Co., the famed Pennsylvania chocolatier, 'is likely to make some response,' said one person familiar with the matter.Kraft went public Monday with a cash-and-stock bid for Cadbury, which had already rebuffed the advance in private. In publicly rejecting it, Cadbury said the offer, a 31% premium to its closing share price on Friday, 'fundamentally undervalues' the company.For Kraft and its chairman and chief executive, Irene Rosenfeld, the deal would expand the company's reach globally and put some of the world's best-known brands -- from Kraft's Oreo cookies and Velveeta cheese to Cadbury's chocolate bars and Trident gum -- under the same roof. It would potentially create a worthy rival for Mars Inc., which last year created a behemoth by acquiring Wm. Wrigley Jr. Co.The rejection immediately puts pressure on Kraft to increase its bid. People close to Cadbury -- whose chief executive, Todd Stitzer, is in the midst of a four-year growth plan -- say the company views the bid as an opportunistic effort to take advantage of its depressed valuation. The approach left Cadbury to decide whether to dig in and protect its independence, seek a higher offer from Kraft, or find a friendly bidder.Hershey's possible response to Kraft's bid stems from its recognition 'that Cadbury is the last major confectionery company potentially available,' explained the person familiar with the matter. Hershey and Cadbury have discussed combinations before. Hershey distributes Cadbury products in the U.S. under a longtime agreement.A deal between Kraft and Cadbury would create a global food giant with $50 billion in annual revenues, and would boost Kraft's growth prospects by giving it access to new brands, especially in the attractive chewing-gum segment. Confectionery products typically have higher profit margins than Kraft's companywide operating margin in 2008, which was about 9%.The deal would add new distribution channels for Kraft's existing products. Cadbury's presence in foreign markets is particularly attractive. The vast majority of Cadbury's sales are outside the U.S., and more than one-third are in fast-growing emerging markets.The bid values each Cadbury share at 745 pence -- 300 pence in cash, and 0.2589 new Kraft share for each Cadbury share.In an interview, Ms. Rosenfeld said she believes Kraft made a 'full and fair' proposal. Still, Kraft didn't rule out increasing its offer. Ms. Rosenfeld vowed to work toward 'constructive conversation' with Cadbury, but said Kraft would remain a disciplined buyer.Speculation on Monday focused on whether Hershey or Nestle SA could step in -- possibly in partnership -- as an alternative to Kraft.Hershey and Cadbury had talked about a combination for years. In January 2007, Cadbury's American-born chief executive, Mr. Stitzer, sat down with Hershey's then-CEO, Richard Lenny, and suggested they create a 'global confectionery powerhouse,' but the talks never went anywhere. By the time Hershey's controlling shareholder, the Hershey Trust Co., tried to resume talks in late 2007, the climate for doing a deal had chilled. The Hershey Trust repeatedly has refused to cede control of Hershey, so it appears that the only way for it to do a deal with Cadbury would be to buy it.Nestle, meanwhile, has a big chocolate business in the U.K. If combined with Cadbury's, it could spark concern among competition watchdogs. Still, people close to the Swiss giant said the Kraft move would force it to at least take a look at Cadbury.On Monday, Nestle Chief Executive Paul Bulcke said the company is always 'open to acquisition opportunities if they fit strategically,' but that its appetite is limited for now.Dana Cimilluca / Ilan Brat / Julie Jargon