Cadbury descendant opposes Kraft deal
TEXT OF INTERVIEW
Bill Radke: As I mentioned, the board of Cadbury has reversed its stand and is now accepting a $19 billion takeover offer from Kraft. One of the opponents of the deal is the great-granddaughter of company founder Geroge Cadbury. Fecility Loudon is asking fellow shareholders to reject the offer from what she calls
the “American plastic cheese company.” Felicity, welcome to Marketplace.
Felicity Loudon: You’re very kind, thank you.
Radke: What is it about Kraft that makes you so suspicious? Just it’s size, or more?
Loudon: No, nothing to do with its size. I think it’s a misfit, I think that it’s culture for culture. I think that Hershey would have been, honestly, the preferred partner. And after all, they make our chocolate out there, although it’s not as good.
Radke: The Cadbury brand will survive, won’t it.
Loudon: I don’t think so.
Radke: No, you don’t think that even the name?
Loudon: I think the name will survive, but I don’t think the quality will. I mean look what Kraft did to Terry’s chocolate, which was, again, one of the British icons. And they promised, Kraft promised Terry’s the world, and the factory in New York is now a desolete pile of bricks.
Radke: For an American audience, Felicity, will you help us understand the importance of this, of Cadbury?
Loudon: Imagine if we did the same to one of your iconic brands, and that we came and we raided it and we took it away from America. Cadbury is actually, quintessentially, British, English. And it’s one of the last two remaining jewels in the crown.
Radke: Cadbury’s board has recommended this deal go through. What’s your next move?
Loudon: My next move is to raly the shareholders and to tell them, in the long term, there is a standalone strategy, with or without the present board.
Radke: Fecility Loudon, great-granddaughter of Geroge Cadbury. Thank you so much.
Loudon: Thank you so much!
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