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...Pierre Lellouche is known for speaking his mind freely and pushing limits - which is often effective in politics but troublesome for someone playing a diplomatic role," says Jean-Marc Lech, co-president of the polling firm Ipsos, adding that Lellouche's swagger and trash-talking are traits he shares with Sarkozy. "Sarkozy gave Lellouche a position in government no one would risk before. But once Lellouche stepped over the line on his own, Sarkozy made him clean up the mess himself...
...Kraft bother? Announced hours before a late Monday deadline for a formal offer from the company under U.K. takeover rules, the proposal buys Kraft valuable time to figure out its next move. Under the British code, the Illinois-based firm now has 28 days to distribute the details of its proposals to Cadbury's investors; those shareholders could then expect a written response from Cadbury within two weeks. Once that's in the mail, Kraft will have just over a month to make any final offer. (See how to plan for retirement...
That the companies are set for a drawn-out saga - a likely revised bid could come as late as the end of January - is clear. What value Kraft may be prepared to place on Cadbury is less so. The British firm's shareholders are thought to want at least $13.4 a share; many analysts think they should hold out for more. But in the absence of a rival bidder, Kraft's proposal - which still offers a premium of 26% over Cadbury's share price prior to the company's initial approach in September - may start to look more appetizing. After...
...there's risk involved for Kraft too. Any time spent mulling a better offer could see a further slide in Kraft's shares and an upturn in performance at Cadbury. After all, the U.K. firm, expected to publish a trading update on Dec. 15, outperformed all other major global food businesses in the third quarter. A rally in sterling, meanwhile, could further add to the cost of boosting Kraft's bid. What's more, "we persist in our belief that neither Nestlé nor Hershey will willingly stand by and be marginalized into distant No. 3 and No. 4 positions...
Expect Kraft to put up a stiff fight for Cadbury. The British firm's muscle in the U.K., Latin America and major emerging markets like India could bring a powerful lift to a business that has looked sluggish in recent quarters. Not for the first time, Cadbury offers a welcome rush of sugar...