Deals

Kraft's Bid for Cadbury Turns Hostile

Kraft is being anything but sweet to Cadbury. Kraft Foods chief Irene Rosenfield has reiterated the offer of $16.4 billion for the confectioner, the same offer that Cadbury rejected two months ago. Only now, in a hostile move, Rosenfield is trying to take the deal directly to shareholders. Cadbury has already declined the formal offer. Several analyst brokers predicted that Kraft would come back with a slightly higher offer in a process that will draw out negotiations. Currently, Cadbury is the world's second-largest candy maker, while Kraft clocks in at number five, although their combined powers would nudge Mars-Wrigley out of the top global spot.