Kraft: Pizza swapped for chocolate

By THIS IS MONEY
Updated: 09:21 BST, 6 January 2010

?

Irene Rosenfeld's 追跡 of Cadbury is looking ますます canny. The Kraft 長，指導者 (n)役員／(a)執行力のある has resisted the 誘惑 to follow the advice of the late Bruce Wasserstein of Lazards and 訴える手段／行楽地 to 圧倒的な 軍隊 by bidding up the price.

Instead, Rosenfeld and her 助言者s have 始める，決める about nobbling 可能性のある 反対する 入札者s.

Kraft's 決定／判定勝ち（する） to 配置する／処分する／したい気持ちにさせる of its £1.6bn pizza 企業s must be seen a s part of this 戦略.

It turns Nestl? into the biggest frozen pizza 生産者 in the world and as a result of this 処理／取引 Nestle has deigned to 除去する itself from the Cadbury chase, either as a direct or part 買い手.

This will make life more tricky for possible white knight Hershey.

So it was pizza, not chewing gum, that Nestle was talking about when it 宣言するd itself as 存在 in the 栄養 商売／仕事. Junk food かもしれない might have been a more 正確な description.

The extra cash comes in useful for Kraft. A 重要な （民事の）告訴 about its £10bn Cadbury 企て，努力，提案 is that there was too little cash and too much paper.

Rosenfeld is now able to recalibrate that with the Nestle money while for the moment leaving the 全体にわたる price of its 申し込む／申し出 the same.

Although she still has the いっそう少なく than enthusiastic 過密な住居 Buffett looking over her shoulder.

But there is 普及した 憶測 that Kraft will be able to up the 賭け金 on 19 January, the next date in the 引き継ぎ／買収 calendar, with a higher 申し込む／申し出.

By showing itself a red card Nestle has also dealt a blow to all the 投資家s on the sideline hoping for an all out bidding war, 伴う／関わるing Kraft and Nestle, with the other confectionery 会社／堅いs Hershey and Ferrero ready to jump in and save 酪農場 Milk from 落ちるing to a food 複合的な／複合企業体.

Cadbury's reaction to the Kraft's 改訂するd 申し込む／申し出 is to repeat the belief that it is 'derisory'. So Cadbury's chairman Roger Carr and 長，指導者 (n)役員／(a)執行力のある Todd Stitzer continue to play hardball. Some 仲買人s 見積（る） that he 最大限 Kraft could 支払う／賃金 for Cadbury now, without placing its credit 率ing 支援する on the 傷害 名簿（に載せる）／表（にあげる） would be 820p a 株.

That looks a little short of the 肉親，親類d of price which would be necessary to 勝利，勝つ the board of Cadbury over. 投資家s, around 40% of which are in the 部隊d 明言する／公表するs, could think a little 異なって にもかかわらず Stitzer's 最近の 支持を得ようと努めるing on the basis of the UK company's growth prospects. For American 支えるもの／所有者s the 愛国的な card played by, の中で others, the 総理大臣 and Lord Mandelson, will mean little.

Moreover, too often in 最近の years we have seen company's use 遺産 to defend themselves only to give up the fight when the price is 権利. Scottish & Newcastle, the UK's last large 規模 brewer, comes to mind. It would be nice to think that Cadbury, with its Quaker 遺伝子s, had the courage to stand 会社／堅い. But it has not yet been fully 実験（する）d.

供給者 支持する／優勝者

When Gordon Brown 支援するd Britain's 堅い new 競争 政権 he saw the 大いに 権力を与えるd 競争 （売買）手数料，委託（する）／委員会／権限 as a 防御壁／支持者 against 不公平な 商売／仕事 practice operating with the same 肉親，親類d of independence at the 通貨の 政策 委員会. We saw how lame that （人命などを）奪う，主張する was in the autumn of 2008. It was then まっただ中に the 広大な／多数の／重要な panic that Halifax Bank of Scotland was 軍隊d into the 武器 of old Lloyds TSB on the basis of 私的な conversations between the 総理大臣 and former Lloyds chairman Sir 勝利者 Blank.

The 推薦 by the 競争 （売買）手数料，委託（する）／委員会／権限 that a supermarket ombudsman be 設立するd to adjudicate between 供給者s and the supermarkets looked to be 長，率いるing for the same contemptuous 治療. 激しい ロビーing by the British 小売 国際借款団／連合 and the biggest grocers led by Tesco 原因（となる）d Lord Mandelson to kick the 問題／発行する into

Now the Tories, by 約束ing 農業者s a new 供給者s 監視者, have 確実にするd that 労働 will have to make a 決定／判定勝ち（する）. The big supermarkets (with the exception of Waitrose) （人命などを）奪う，主張する that an ombudsman office would be expensive and unduly bureaucratic and therefore detrimental to 消費者 利益／興味s. Phooey. When supermarkets squeeze 供給者s they do it to 改善する their own 利ざやs not 消費者 pricing. Nick Herbert, 影をつくる／尾行する farming 大臣, has 支援するd a 勝利者. the long grass.

Arise, Milord

For a retailer 明かすing higher sales and 予報するing better tha n 推定する／予想するd 利益（をあげる）s Next 長，指導者 (n)役員／(a)執行力のある Simon Wolfson sounded a decidedly 暗い／優うつな 公式文書，認める about 2010. 'One way or another the 政府's got to 減ずる spending or 増加する 課税 over the next four years by a 重要な 量,' Wolfson said. 'My guess is that we will see the hardest 攻撃する，衝突する 早期に.' His comments knocked the group's 株 (up 93% over the last year) and the whole 小売 部門. Still, when Tory ermine beckons nothing else counts.