Word: offerings
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...chocolate. Just ask Kraft. The world's second-largest foodmaker revealed on Monday, Sept. 7, that it had launched a $16.7 billion bid for British confectioner Cadbury, a bold effort to create "a global powerhouse in snacks" worth $50 billion a year in revenues. Cadbury rejected the offer, but Kraft, maker of Oreo cookies and Kool-Aid, showed its sweet tooth. The firm is "committed to working toward a transaction," it said in a statement, "and to maintaining a constructive dialogue...
...timing of Kraft's offer - initially tabled in late August but made public only Monday - makes good sense. Part way through a years-long plan to boost its margins, Cadbury has an earnings potential that looks healthy. Having spun off its troublesome drinks business in 2008, it saw its profits and margins both rise in the first half of this year. Nor is there much concern about Kraft's being able to pull off such a merger. Deals involving a large firm's acquisition of a significantly smaller one - revenues at Kraft are more than four times those of Cadbury...
That means raising its offer. Kraft's bid puts a price of 745 pence on each share, a 31% premium compared with Cadbury's closing price last Friday, Sept. 4. But analysts agree with Cadbury's assessment that Kraft's approach "fundamentally undervalues the group and its prospects." As a multiple of Cadbury's sales, for instance, Kraft's offer amounts to roughly half that tabled by Mars in its acquisition of Wrigley, says Jeremy Batstone-Carr, an analyst at brokers Charles Stanley in London. Expectation of a second bid from Kraft, a fresh one from Switzerland's Nestl...
...chocolate maker's shareholders - pressure on the firm will mount. Should it choose to cling to its independence, investors might expect something in return. Squeezing more profits out of Cadbury, though, could mean cutting jobs. And with Kraft pledging to preserve U.K. staff as part of its offer, any such move might make Cadbury unpopular. That's left some analysts backing the Americans. Kraft, reckons Batstone-Carr, "has a better than 50% chance of success...
...implicit connection between the prints and Steiner’s professional work with human rights activism. The photographs aren’t the stock shots of the starving and desolate women and children one might expect from the founder of Harvard Law School Human Rights Program; but instead they offer a subtler look at the beauty and diversity of the earth’s landscapes and its inhabitants. The selections in the exhibition can be divided into two general categories: landscapes and portraits. Emphasizing the designs and patterns found in nature and light, many of the landscape photographs feature stunning...