WASHINGTON - The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to resilience in the labor market despite belt-tightening by Washington.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Timeline: Kraft set to seal Cadbury deal
(Reuters) - Kraft Foods KFT.N is set to seal its takeover of Cadbury CBRY.L by around 1700 GMT Tuesday.
Here are some key events in the takeover:
Aug 28, 2009 - Kraft's Chairman and CEO Irene Rosenfeld meets Cadbury's Chairman Roger Carr to outline a takeover deal in cash and shares which valued Cadbury's shares at 755 pence each, but Carr dismisses the approach. The Kraft bid is worth 300 pence in cash and 0.2589 new Kraft shares for each Cadbury share.
September 7 - Kraft goes public with the bid, which by this time has slipped in value to 745 pence or 10.2 billion pounds. Cadbury promptly rejects the bid.
September 12 - Carr again rejects the "unappealing prospect" being absorbed into Kraft's "low growth conglomerate business."
September 16 - Warren Buffett, the world's second richest man and a leading shareholder in Kraft with a 9.4 percent stake, warns the U.S. food group not to overpay for Cadbury.
September 23 - Cadbury CEO Todd Stitzer is reported as saying he sees some potential benefits from a deal and discusses valuations with investors.
September 25 - Stitzer says Kraft's offer does not make strategic or financial sense. Cadbury said his previous remarks were misconstrued.
October 21 - Cadbury posts upbeat Q3 trading report with underlying sales up 7 percent as it raise its 2009 target for sales and profit margin growth.
November 3 - Kraft's Q3 results disappoint investors with weaker-than-expected revenue and a cut in its 2009 sales forecast.
November 18 - Both Italy's Ferrero and Hershey say separately they are reviewing a possible bid for Cadbury.
November 23 - Cadbury shares hits all-time high of 819-1/2 pence on speculation about rival bids.
December 4 - Kraft posts its offer document to Cadbury shareholders and says its bid is now worth 713 pence a share or 10.1 billion pounds ($16.09 billion).
December 14 - Cadbury issues its official defense document promising bigger dividends and strong growth; reminds its shareholders that Hershey and Ferrero may bid.
December 18 - Stitzer says a significant number of its major shareholders do not believe Kraft's bid reflects Cadbury stand-alone value.
January 5, 2010 - Kraft sweetens bid with 60 pence more cash but cuts shares on offer to keep offer price unchanged.
January 12 - Cadbury reports robust trading and rejects the bid on valuation. Ferrero pulls out.
January 19 - Kraft seals a friendly deal to buy Cadbury for about $19.6 billion (11.9 billion pounds).
January 22 - Hershey rules out making a rival bid for Cadbury.
(Reporting by David Jones; Additional writing by Carl Bagh; Editing by David Cutler and David Cowell)
- Tweet this
- Share this
- Digg this