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Kraft Foods attacks Cadbury defence document

Cadbury has today released a defence document which it hopes will highlight the value of the company going forward and place more focus upon what the company sees as a derogatory bid from Kraft Foods. However, in some ways Cadbury directors have played into the hands of Kraft Foods as the defence document issued today includes only headline figures and no audited management forecast the 2010. So what is the point of this document?

Rather bizarrely, Cadbury has chosen to issue the defence document just prior to a trading update which is due this week. Despite the fact the company has attracted criticism for its lack of depth in the defence document, which basically focuses upon the company's reputation and history, we will see a more upbeat statement from the company later in the week. It is believed that the company has enjoyed a very strong Christmas and while it was given an extra three days to put together the trading statement, the takeover panel did not give the same concession to the production of the defence document.

This is the reason why the defence document has been issued prior to the trading statement and why it lacks the depth and management forecasts which many have been looking for.

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