Dilipkumar Lakhi, a prominent diamond merchant and Mumbai's highest individual tax payer till a couple of years ago, has beaten some of the city's top developers to emerge the highest bidder for the iconic Cadbury House.
As on February 4, Kraft Foods received valid acceptances in respect of 1,03,87,20,625 Cadbury shares (including those represented by Cadbury ADSs), amounting to around 75.41 per cent of the existing issued share capital of Cadbury, Kraft Foods said.
Cadbury is looking to build on its dominant position in India's chocolate market by turning the country into a regional centre for cocoa production.
India's tax authorities began investigating Cadbury in 2011.
United Kingdom-based Cadbury, the world's second biggest confectionery company with huge operations in India, on Monday rejected a $16.7 billion takeover bid made by America's Kraft Foods Inc.
Kraft Foods on Wednesday said its proposed $19.6-billion acquisition of Cadbury will help the company expand its presence in the developing markets, including India, by leveraging the infrastructure the British candy maker has set up in these markets.
'The combination of star power, compelling storytelling, and action-packed drama promises to set the box office ablaze and kickstart the new quarter on a spectacular high note.'
The Mondelez portfolio in India also includes brands like Bournvita, 5-Star. Nikhat Hetavkar finds out how it stays relevant amid strong pushback from millennials over health effects of its products.
Kraft, the American food giant, said in a statement on Tuesday that Cadbury's board had unanimously endorsed the offer worth 840 pence per share. The revised offer is for 500 pence cash and 0.1874 new Kraft shares for each Cadbury share.
US SEC order says that Cadbury India paid an agent a total of USD 90,666 (Rs 61.70 lakh) for "providing consultation, arrange statutory/government prescribed formats of applications to be filed for various statutory clearances, documentation, preparation of files and the submission of the same with government authorities," for specific licences.
The chocolate brand, which is sold in over 122 countries, would be available in the country through modern retail outlets in five pack sizes.
Cadbury India said it will start local manufacturing of parent Kraft Foods' orange drink Tang, while it will also embark on a capacity expansion for its confectionery products.
Disclosing this to the court on July 6, the counsel for Cadbury said that if the company consented to the valuation of Rs 1,743 per share, it would be treated as 'deemed dividend' payable to shareholders.
A report was positive for the presence of two dead and one live insect, FDA Commissioner Uttam Khobargade said in Mumbai.
US confectioner Hershey Co is preparing a bid for British chocolate maker Cadbury, that will counter US-based Kraft Foods' 10.4 billion pound hostile offer.
The move comes after the maker of Dairy Milk chocolate rejected a renewed 9.8 billion pound hostile bid from American food giant Kraft Foods.
BSE has informed the members of the exchange that Cadbury India Ltd will be delisted with effect from January 20 pursuant to the compliance with SEBI (Substantial Acquisition of Shares and Takeovers Regulations 1997)
Billionaire investor Warren Buffett, who is a leading shareholder in Kraft Foods, has warned the US foods firm against overpaying for the British confectionery firm Cadbury, a media report says.
Kraft Foods, the world's second biggest food company, has said it is facing investigation by the Securities and Exchange Commission (SEC) for possible corrupt practices in India by its arm Cadbury, relating to a manufacturing plant there.
More than a million Cadbury bars were pulled out of the shops across Britain over fears that they may have been contaminated.
And thanks to its equity with the consumers, Cadbury's won back consumer confidence.
According to government, the chocolate manufacturer wrongfully claimed exemption.
The company claimed the growth of fungus was not possible during the manufacturing process.
After Vodafone and Shell, it seems to be the turn of Cadbury.
In 2010, Kraft Foods had acquired British candy maker Cadbury in a deal worth close to $19 billion.
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part from the TV commercial featuring the two actors, the company said it will also connect with the customers through a 360-degree campaign with outdoor, digital, radio and on-ground activities.
To lure health-conscious consumers, who prefer lower intake of sugar, Mondelez is launching a variant of its most sold product Dairy Milk bar with 30 per cent less sugar.
It is 'when someone uses their emotional problems to hook an audience on the Internet.'
It essentially amounts to 'performing sadness online for sympathy and/or attention,' explains Sandeep Goyal.
While year 2009 did not see any large merger in the FMCG space, one deal which did hit the headlines was the Kraft Foods (Kraft) bid to acquire Cadbury. While the final deal is yet to be signed, it would consolidate the global FMCG sector.
Companies from Unilever to Proctor & Gamble, Nestl, Coca-Cola and PepsiCo have all alluded to lockdown challenges in India and the globe as well as the impact it will have on April-June as well as full-year numbers.
According to a press release, the five-year agreement aims to bring 50,000 acres under cocoa farming, which would provide coconut farmers an additional income of Rs 80 crore a year. The agreement was signed in Tiruchi, the release said.
Prime property rates in South Mumbai at Rs 60,000 a sq ft remain high despite a slowing realty market.
The move is believed to be coming after Directorate General of Central Excise Intelligence slapped a notice demanding Rs 252 crore (Rs 2.52 billion) that was allegedly evaded by the chocolate maker for its new unit in Baddi, Himachal Pradesh even before it came into existence, official sources said.
Leading up to Valentine's Day on February 14, quick-commerce platforms like Blinkit and Swiggy Instamart have witnessed a phenomenal uptick in the sales of products related to the occasion, such as roses and chocolates. Meanwhile, e-commerce giants like Amazon and Flipkart have gone live with their respective Valentine's Day sale events, offering generous discounts on products. Sales of chocolates and roses on Zomato-owned Blinkit shattered previous records at the beginning of this year's Valentine's Day week, on February 7, which is celebrated as Rose Day.
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Samsung which leads the global list takes the 10th spot in India.
With rising incomes, education, and health awareness in India, especially in the big cities, droves of people are saying no to sugar.
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