Kraft changes hostile bid for Cadbury: EU
Source: Agencies |
December 10, 2009, Thursday
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Print Edition
Print Edition
EUROPEAN Union regulators said yesterday that Kraft Foods Inc had put forward possible changes to its hostile 9.8 billion pound (US$16.3 billion) takeover of Cadbury Plc to soothe antitrust worries.
The European Commission gave no details when it said it was extending a deadline by 10 working days - from December 14 to January 6 - to examine commitments made by Kraft, based in Illinois.
By that date, the EU's executive must approve the deal or open an in-depth probe that would examine problems more closely.
Companies often agree to sell off units when regulators identify potential competition problems in certain business sectors or regions of the 27-nation European Union.
London-based Cadbury, the maker of Dairy Milk chocolate and Dentyne gum, plans to publish its formal response to the Kraft deal on Monday.
The European Commission gave no details when it said it was extending a deadline by 10 working days - from December 14 to January 6 - to examine commitments made by Kraft, based in Illinois.
By that date, the EU's executive must approve the deal or open an in-depth probe that would examine problems more closely.
Companies often agree to sell off units when regulators identify potential competition problems in certain business sectors or regions of the 27-nation European Union.
London-based Cadbury, the maker of Dairy Milk chocolate and Dentyne gum, plans to publish its formal response to the Kraft deal on Monday.
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