Kraft's Cadbury factory closure prompts complaint

From the BBC:

The City takeover panel has received a complaint that US firm Kraft made misleading comments during its battle to take over Cadbury.

Kraft had said that it thought it could save the Somerdale plant, which Cadbury had planned to shut down.

After the £11.5bn sale of Cadbury's was completed, Kraft said the factory, near Bristol, would close, costing 400 jobs.

A local campaigner and a Conservative candidate have complained to the panel, saying Kraft broke the takeover code.

'Learn lessons'

Amoree Radford, who leads a campaign to preserve Keynsham's chocolate factory, told the BBC she had complained to the Takeover Panel along with the local Tory candidate, Jacob Rees-Mogg.

"We know we can't get the jobs back, but we want the authorities to learn their lessons so it doesn't happen to another company later", she said.

However, even if the panel found against Kraft and said that its comments had been misleading, it has limited powers.

Public criticism - the naming and shaming of a firm it feels has acted wrongly - is the regulator's major sanction.

Both Kraft and the takeover panel declined to comment.

Full article:
BBC News - Kraft's Cadbury factory closure prompts complaint


"the naming and shaming of a firm it feels has acted wrongly - is the regulator's major sanction" well that will tell them! What a waste of time

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Steve

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The Government should fine Kraft heavily and get them to pay the dole for the employee's and that should ensure that future take overs are more carefully looked into?

Hope they will pay English tax on their investment.

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Mark
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From the BBC:

The vice-president of Kraft Foods has said he is "terribly sorry" for the firm's earlier pledge to keep open Cadbury's Keynsham plant.

Marc Firestone said the pledge was made in good faith as Kraft expected output to be high enough to sustain the plant. The factory is now being shut down.

Mr Firestone was taking MPs' questions on Kraft's takeover of Cadbury.

MPs expressed incredulity over Mr Firestone's assertion that Kraft felt it could keep the plant open.

Earlier in the session, Jack Dromey from Unite union said Kraft was "utterly cynical to pretend it could reprieve the plant".

He said Kraft must have known it was not possible to keep the plant open.

Full story
BBC News - Kraft apologises over Keynsham Cadbury pledge

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