Figures sweet news for opponents of Kraft's Cadbury takeover offer

CADBURY fleshed out its case for independence against the hostile £10.5 billion takeover bid by US suitor Kraft Foods yesterday with detailed trading figures on an "outstanding" 2009.

Cadbury reported good growth across its chocolate, sweets and gum divisions despite "mixed" trading conditions.

The City Takeover Panel had given the British group a three-day extension to yesterday for its deadline to present any "material" new information to the market.

Cadbury's latest details on trading came amid reports that another US firm, Hershey, is set to challenge Kraft with a counter-bid for the confectioner.

The breakdown of the British group's 2009 performance underlined the value of its strong presence in emerging markets.

Sales in these markets rose 9 per cent in 2009, much better than the 2 per cent advance seen in still-struggling developed countries.

Sales of chocolate lifted 7 per cent, while sales of sweets such as Bassett's Liquorice Allsorts rose 5 per cent.

"Throughout the year, there was good demand for chocolate and bagged candies, the expected beneficiaries of a stay-at-home culture," the company said.

Cadbury is also seeking to shore up support with a 10 per cent hike in the dividend for this year, as well as promising sales growth of up to 7 per cent during 2010.

Chairman Roger Carr said: "Kraft's offer is even more unattractive today than it was when Kraft made its formal offer in December.

"Our 2009 performance is ahead of our previously upgraded expectations and we have excellent momentum going into 2010."

Kraft increased the cash portion of its offer last week but has yet to raise the overall price and has until Tuesday to do so.