Cadbury puts on brave face
CADBURY Schweppes shrugged off takeover speculation surrounding the group yesterday as it vowed to recover from a challenging 2006 and reinvigorate the UK chocolate market.
Ken Hanna, finance director, said the group heard rumours "every day" but was committed to pushing ahead in its current structure despite a torrid 12 months.
Market talk of a bid from Kraft Foods, Hershey and a host of private equity firms has underpinned the shares in recent weeks, but Todd Stitzer, its chief executive, said that Cadbury was in a commanding position despite last year's salmonella scare, which cost 30 million, and last week's warning that the group may have to recall Easter eggs over a nut scare.
Full-year results showed pre-tax profits dropped 12 per cent to 738m in 2006. Shareholders will pocket a dividend of 14p per share, up 8 per cent.
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Saturday 18 February 2012
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