Cadbury spurns 'low growth' kraft 糖果商cadbury与kraft合作发

UK confectioner Cadbury has said would-be suitor Kraft has a "low growth" business model, and that a tie-up between the firms is "unappealing".

英国糖果商Cadbury称，与其可能的合作人Kraft之间的合作模式“增长缓慢”，两者之间的关系“无吸引力”。

Cadbury's produces some of the UK's best known chocolate bars

Last week Cadbury rejected a £10.2bn approach from Kraft Foods, saying the approach "fundamentally undervalued" the Dairy Milk maker.

Now Cadbury chairman Roger Carr has sent an open letter to Kraft chief executive Irene Rosenfeld.

He said the Kraft proposal was "of uncertain value" for his shareholders.

The letter also says that under Kraft's offer, "Cadbury would be absorbed into Kraft's low growth, conglomerate（集成物，砾岩） business model, an unappealing prospect".

Share movement

Mr Carr said that it was in Cadbury's best interests to remain as a stand-alone confectioner（糖果商）.

Kraft's bid is worth 300p in cash and 0.2589 new Kraft shares for each Cadbury share, and originally valued Cadbury at 745p a share or £10.2bn ($17bn).

However, this had dropped to around 707p on Friday due to the weakness in Kraft shares and the dollar.

Cadbury's shares closed on Friday at 775-1/2p. Kraft shares have fallen by about 7% since it made its proposal.

As well as Dairy Milk, Cadbury also owns the Green & Black's chocolate brand and Halls lozenges（菱形，止咳糖）, Trident and Dentyne gum brands, and liquorice（甘草，甘蓝根） allsorts maker Bassett's. It spun off its drinks division as a separate business last year.

Kraft's brands include Kenco and Maxwell House coffee, Oreo biscuits, Jacobs, Terry's Chocolate Orange and Toblerone as well as cheese products such as Philadelphia and Dairylea.

A Kraft spokesman said the company had no comment to make on Mr Carr's letter.