Kraft Foods' frozen pizza business includes brands such as DiGiorno, Tombstone, California Pizza Kitchen, Jack's and Delissio.
Britannia Industries, the maker of Tiger biscuits, said it will take "right and appropriate action as it always has" against the lawsuit filed by US-based Kraft Foods for alleged trademark and copyright violation of its Oreo cookie brand.
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, 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.
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.
Cadbury Plc on Tuesday rebuffed US-based Kraft Food's "derisory" takeover offer, citing "outstanding" financial performance in 2009 and reiterated that shareholder value will be maximised if it remains an independent entity.
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.
The $50-bn foods major will ride piggyback on Cadbury's strong brand equity.
"Kraft is trying to buy Cadbury on the cheap to provide much needed growth to their unattractive low-growth conglomerate business model. "Don't let Kraft steal your company with its derisory offer," Cadbury's Chairman Roger Carr said.
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.
In yet another twist to the ongoing tussle for Cadbury, US-based Kraft Foods is looking at raising the cash component of its hostile takeover bid for the British confectioner.
The Kraft-Cadbury combine is likely to herald its presence in India with confectionery products. The reasons are evident.
A majority of shareholders of the British confectioner Cadbury Plc have rejected the initial hostile takeover bid from Kraft Foods Inc.
In India, Danone holds a 25.5 per cent stake in market leader Britannia Industries through holding company Associated Biscuits International Holdings.
"Kraft's acquisition of Cadbury is a global acquisition, where some value is attributable to India. This is different from Vodafone, where the transfer of a single share of the offshore company by Hutch resulted in the Indian business getting transferred to Vodafone," said Pranay Bhatia, associate partner at legal firm Economic Laws Practice.
US food major Kraft has been given a 40 day deadline by the UK panel on takeovers and mergers either to make a formal proposal for British confectionery firm Cadbury or walk away from the deal.
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 government has initiated an inquiry into US-based Kraft Food Inc's takeover of Cadbury India for alleged tax evasion and flouting of buyout norms.
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.
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The three top executives -- chairman Roger Carr, chief executive Todd Stitzer and chief fiancial officer Andrew Bonfield -- announced on Wednesday their intention to resign from Cadbury following 'Kraft Foods' decision to declare its offer for Cadbury unconditional', Cadbury said in two separate statements.
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In automobiles or retail, engineering or even the regulated insurance sector, the traction for foreign investors seems to be rising.
Britannia executives were, however, non-committal on whether the company had initiated discussions to return the Little Hearts trademark and the right to use the product recipe back to Groupe Danone.
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.
Confectionery maker Cadbury, which has agreed to be acquired by US-based Kraft Foods, on Tuesday said India will remain a key market for its business.
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.
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The chocolate brand, which is sold in over 122 countries, would be available in the country through modern retail outlets in five pack sizes.
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Oreo is around 100 years old brand and currently generates a revenue of $1 billion globally. In India, the company will be launching the biscuit in dark chocolate flavour.
In 2010, Kraft Foods had acquired British candy maker Cadbury in a deal worth close to $19 billion.
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.
A dominant leader in the volume segment, the company's latest move is designed to strengthen its presence in the value market as well.
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Hostile takeover bids worldwide have slumped 66 per cent to $124.4 billion so far in 2009, with US-based Kraft Foods' $19.8 billion offer for British major Cadbury being the second largest.
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