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Getting sweet tooths to give in to temptation has never been too difficult for Cadbury, the world's second largest confectioner. However, resistance, as it's now finding, is hard to maintain. Ending months of hostility, the firm announced on Tuesday, Jan. 19, it had approved a revised takeover bid from U.S. food giant Kraft. Linking Cadbury's Dairy Milk chocolate to Kraft's Philadelphia cream cheese in a $19.5 billion deal, Cadbury chairman Roger Carr said cheerfully in a statement, amounted to "good value for Cadbury shareholders...
...While the Illinois-based firm has looked sickly in recent quarters, Cadbury has shone. The British business boasts "dominant positions, strong emerging market exposure and the potential for massive margin improvements," Andrew Wood, an analyst with the financial firm Sanford C. Bernstein, wrote in a note to clients on Tuesday. "Kraft," he added, "will benefit from all of Cadbury's strengths." And at a knockdown price. Bagging the firm for a value equivalent to 13 times Cadbury's profit before tax and other deductions amounts to the cheapest food-industry takeover in more than a decade, Wood notes...
...raise margins at the British company. To some, that spells job cuts. The British trade union Unite claimed earlier this month that some 7,000 Cadbury workers would be under threat if the proposed takeover went through. Another analyst, Howard Wheeldon, a senior strategist at BGC Partners, questioned on Tuesday whether the acquisition would herald "a partial breakup" of the British business. (See a TIME video about a chocolate-bacon...
...Monday, a swarm of nearly 500 earthquakes on the western edge of Yellowstone National Park began. Though they increased in frequency and intensity Tuesday, experts who monitor the area say they did not warrant emergency measures. A little over one year ago, there was some concern over a series of quakes centered around the north shore of Yellowstone Lake, which overlays some of the ancient, yet still simmering, Yellowstone Caldera. (See why a spurt of quake activity raised fears in Yellowstone...
...Brown told the crowd in North Andover that this election is a chance for Massachusetts to "send a message." One thing that voters can know for certain as they go to the polls on Tuesday: they have gotten Washington's attention...