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Cadbury under pressure from Kraft Foods

JP Morgan, the influential US investment bank, has today issued a report which would suggest that Cadbury is possibly trading below the company's official guidance figures. If true, and nothing has been confirmed by Cadbury, this would be a bitter blow for the management which is currently attempting to escape the clutches of US counterpart Kraft Foods.

A proposed £10.2 billion takeover is still on the table although it has yet to be presented to Cadbury shareholders. Any confirmation that the company was potentially trading below official forecasts would obviously be a welcome bonus for Kraft Foods which could use this as an excuse to attack the management and suggest that they had "taken their eye off the ball". While the Kraft Foods is currently working against time to come to an agreement with Cadbury, after receiving a "put up or shut up" order from the panel on takeovers and mergers, many believe the companies will come to a mutual agreement about an increased offer.

Even the most ardent of Cadbury supporters appreciate the fact that the two companies appear to have the "perfect fit" which is the main reason why an agreed deal would appear to be sensible. However, whether Cadbury's management is willing to sit round the negotiating table and whether Kraft Foods is willing to increase its offer is very much open to debate.

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