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...than the average for takeovers in the global food business since 2000, according to investment-research firm Sanford C. Bernstein. Granted, the world is in an economic slump and there's no rival bid on the table, but Kraft's offer would amount to "the lowest multiple in a major food deal over the last decade by 18%," Bernstein analysts wrote in a note to clients on Tuesday. (See more about Cadbury...
...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...
...With demonstrators taking to the streets in several cities in support of the KPK and demanding transparent handling of the case, the government is facing mounting pressure to resolve a case that grows more complicated with each new revelation. The last major banking scandal, in 1999, dashed the political future of former President B.J. Habibie and culminated with protests in the streets. "By taking so long to get to expose the truth, SBY is putting stability of the country at risk," says Rizky. "Businesses need stability and without it they will rethink any plans they have to invest...
...Tokyo and Washington, Nago has been selected as the site of a new airfield to replace the U.S. Marine Corps' Futenma Air Station, located further south on the island in Ginowan city. That - and an agreement to move 8,000 U.S. Marines from Okinawa to Guam - would comprise a major restructuring of the American military presence in Japan, and the U.S. hopes that things will proceed according to the 2006 plan - the culmination of 13 years of negotiations between the U.S. and the former Liberal Democratic Party (LDP) government. (See pictures of Japan's relationship with the international community...
...Insideline's Toshikawa says that by waiting on the mayoral election in Nago and then the Okinawa prefectural election next November, Hatoyama - by upholding his campaign promise to respect Okinawa's say in the matter - would make it difficult to stay on point with the 2006 agreement. "On major issues of diplomacy and defense, the government should consider local elections - but it can become an obstacle." Toshikawa also says that Hatoyama's handling of this issue, by fielding the different plans of his ministers, is characteristic of his desire to "unify his Cabinet." The problem, says Toshikawa, is that Hatoyama...