Kraft Criticised Over Cadbury Acquisition

The UK’s Takeover Panel has criticised Kraft Foods for a pledge it made during the acquisition of Cadbury last year.

The panel, which polices takeover bids, said Kraft claimed it would keep open Cadbury’s Somerdale factory in Keynsham, Somerset.

However, after the takeover, Kraft said the facility would be shut down after all.

The panel said Kraft and its advisers failed in their duties.

The closure of the Somerdale plant will cost 400 jobs, with production moving to Poland.