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 It seems Cadbury plc's (NYSE:CBY) Todd Stitzer and chairman Roger Carr could be playing good cop/bad cop with Kraft Inc. (NYSE:KFT). Remember that letter Carr sent to Kraft CEO Irene Rosenfeld last week basically saying the valuation was too low and the company wants to be independent? Well, Stitzer now seems to be pushing for that higher bid. He told The Wall Street Journal he recognizes the synergies between the businesses saying, "If a higher bid does not materialize, I think our shareowners will have to decide whether or not the value of our plan or the value of whatever offer's on the table is appropriate." Then, Stitzer supposedly went ahead and named his price at £12.2 billion ($19.9 billion). Well, sort of. Bank of America Merrill Lynch sales specialist Simon Archer said in a note seen by Reuters, "On price, Todd seemed to admit that a 15x Ebitda multiple would be a fair price." But in a clarification note, found on Trading Markets, Bank of America analyst Simon Archer said: "Todd's comments were only in the context of comparable transactions being in the mid-teens - he wasn't implying a fair value for the business." But with no rival bidder for Cadbury and the confectioner now requesting the U.K. Panel on Takeovers and Mergers issue an order for Kraft to make a formal bid (and perhaps forcing out rival bidders), Cadbury is looking a little bit desperate. It seems the target is interested in pursuing the deal, but whether it gets a higher bid is up in the air. According to Reuters, Kraft's chairman and CEO Irene Rosenfeld told investors, "Cadbury is quite a compelling opportunity but not at any price," she told investors. Warren Buffett, Kraft's largest shareholder, has said the offer is "pretty full" as it stands. So could Kraft walk away from the bargaining table and tell Cadbury to eat its words and stay independent? Well there are reasons why Kraft could just decide not to pad its offer. - Maria Woehr
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why kraft is investing in zimbabwe copper mine thru its british arm?