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LONDON, Sept 16 (Reuters) - Cadbury CBRY.L CEO Todd Stitzer said he saw growth opportunities beyond the end of its four-year restructuring plan in 2011 as he looks to defend the group from a multi-billion pound bid from Kraft KFT.N.
He told a Sanford Bernstein conference on Wednesday that Cadbury will be well placed to gain from new revenue opportunities, sustain best in class profit margins and also reinvest in further efficiency initiatives beyond 2011.
Kraft launched its cash and share bid for Cadbury on Sept. 7 which was initially worth 745 pence a Cadbury share, or 10.2 billion pounds ($16.8 billion), but the fall in Kraft shares and a weaker dollar has cut this to 710p or, around 9.7 billion pounds.
Cadbury immediately rejected the bid as undervaluing the group, and then Cadbury Chairman Roger Carr said over the weekend that it was an “unappealing prospect” being absorbed into Kraft’s “low growth conglomerate business”. (Reporting by David Jones)