Kraft Says Cadbury Rejected 10.2 Billion-Pound Offer (Update1)
By Paul Jarvis
Sept. 7 (Bloomberg) -- Kraft Foods Inc., the world’s second-largest foodmaker, said Cadbury Plc rejected a proposed 10.2 billion-pound ($16.7 billion) offer which would create “a global powerhouse in snacks, confectionery and quick meals.”
The offer of 300 pence in cash and 0.2589 new Kraft Foods shares per Cadbury share values the U.K. candy maker at 745 pence a share, 31 percent more than the Sept. 4 closing price of 568 pence, Northfield, Illinois-based Kraft said today.
Kraft said it is “committed” to its plan “and to maintaining a constructive dialogue and is announcing this proposal as a means to encourage and further that process.”
“It’s competitively priced, but I think they will have to go higher,” Martin Deboo, an analyst at Investec Securities, said by phone. He has a “hold” recommendation on Cadbury.
Analysts said last year that Cadbury may be a target for Kraft, which in 2007 bought Groupe Danone SA’s biscuit unit for $7.8 billion to become Europe’s biggest cookie maker. Cadbury spun off its Dr Pepper beverages unit in May, 2008 to focus on confectionery brands like Dairy Milk chocolate and Wispa bars.
Kraft said a combined company would have revenue of about $50 billion and have potential to realize annual pretax savings of $625 million at a cost of $1.2 billion over three years.
Growth Targets
A deal would be “accretive” to earnings in the second year after completion, the U.S. company also said. Kraft would expect to raise its long-term revenue growth target to more than 5 percent from over 4 percent should the transaction happen. Its goal for per-share earnings growth would increase to between 9 percent and 11 percent from 7 percent to 9 percent.
“We hope to engage with the board of Cadbury on a constructive basis with the goal of consummating a recommended transaction,” Kraft Chairman and Chief Executive Officer Irene B. Rosenfeld said in the statement. “Cadbury’s brands, which are highly complementary to our portfolio, would benefit from Kraft Foods’ global scope and scale and array of proprietary technologies and processes.”
Last Updated: September 7, 2009 02:54 EDT
source: http://www.bloomberg.com/apps/news?pid=20601087&sid=ajiG765yW2_0
本篇报导取自彭博社新闻网头条，有关世界第二大食品制造商卡夫集团收购糕点制造企业吉百利公司受阻的新闻。
snack：一般指（正餐之间）的零食、点心等食品
confectionery：指糕饼、甜点类如巧克力食品
accretive：类似厚积薄发之意
consummate：完成，一般表示商业交易的完美达成
committed to its plan...to maintain a constructive dialogue...to encourage and further that process.
此句为卡夫官方对收购意图的表态，可关注官方正式场合下提出要约的表达，committed、constructive、further均表达了收购方的决心和诚意
a hold recomendation on Cadbury
hold愿意是握住，在股市中可指持有，在此投资分析人士认为收购方出价不错，但仍有上涨空间，因此建议持有待涨，也即告知吉百利股东和投资人不要出手，静待更高的收购价位。
Cadbury’s brands, which are highly complementary to our portfolio, would benefit from Kraft Foods’ global scope and scale and array of proprietary technologies and processes.
卡夫集团主席及首席执行官对收购前景的观点。他认为（收购）吉百利有利于完善卡夫当前的产品组合，而作为收购方的卡夫所拥有的全球市场份额及专有制造工艺流程也会有益于吉百利。注意在卡夫公开的官方发言中，which are highly complementary to our portfolio这一段用以修饰吉百利的定语部分所表达的意思虽然对收购方相当重要，但在结构上却被人为淡化，而突出表达的却是针对被收购方的利益。
整篇新闻报导大体分三部分：收购案本身的概括、收购案双方资金信息描述、收购案相关利益分析。其中有关收购行动资金方面最直接分析的是只有一句话的第二段，介绍了当前收购价的构成、对比、历史涨跌，以及双方公司的精简介绍（英国糖果制造商、卡夫总部所在地）。