After a four-month stand off over price Kraft Foods is buying British candy maker, Cadbury. 历时4个月的讨价还价,美国卡夫食品公司成功收购了英国的糖果制造商吉百利。
Kraft says that if it does acquire Cadbury it will maintain its Fairtrade links. 卡夫表示,如果收购吉百利成功,将保留该公司与公平贸易的联系。
Cadbury does not, having closed its scheme to new members in 2001. 吉百利没有提供,该公司2001年就停止向新员工提供这种养老金。
Cadbury's attractions for both are self-evident. 吉百利对两家公司的吸引力不言而喻。
Cadbury has shifted the manufacture of some products from the UK to lower-cost factories in Poland. 吉百利将一些产品的生产,从英国转到波兰的低成本工厂。
Cadbury needs to show it will be a better business if it remains independent. 吉百利需要表明,如果公司保持独立,将会发展得更好。
Cadbury buys nearly two-thirds of its cocoa from Ghana, and all of its cocoa for its UK products. 吉百利使用的可可有近三分之二购自加纳,其英国产品中的可可则全部来自加纳。
Credit ratings agency Fitch lowered its ratings on Cadbury and kraft, but both remain investment-grade at BBB-. 信用评级机构惠誉调低了吉百利和卡夫的评级,但两家公司的bbb-新评级仍属投资级。
Cadbury says it is worried about how few cocoa farmers 'children intend to go into the business. 吉百利表示,它担心可可豆农的子女中几乎没有人打算从事可可豆种植。
Cadbury insists it will not pass on the increased cost to retailers and consumers. 吉百利坚称不会将增加的成本转嫁给零售商和消费者。
It is expected to have to improve its terms to win over Cadbury's shareholders. 卡夫则称自己一直在努力,期望通过改进收购条款拉拢卡百利的股东。
Confectionery is a tough business. But it does make it harder for Cadbury to take the high ground. 糖果行业处境艰难,而这确实加大了吉百利保持较高道德水准的难度。
If combined with Cadbury's, it could spark concern among competition watchdogs. 如果与吉百利合并,它可能引发竞争监管机构的担忧。
"Buffett may be very well doing a favour for the Kraft management to bring down the stock price of Cadbury," said one US-based institutional fund manager. “巴菲特压低了吉百利的股价,这很可能帮了卡夫管理层一个忙,”一位美国机构基金经理表示。
Neither company is big enough to launch a full Cadbury takeover bid alone. 两家公司也都不够大到可以独力全部收购吉百利。
Teaming up with Cadbury would create a European powerhouse with nicely complementary positions in Germany, Italy and France. 费列罗若与吉百利结盟,将缔造一个欧洲巨擘,在德国、意大利和法国市场形成互补。
Last week, Cadbury passed into the hands of kraft of the US. 上周,吉百利被美国卡夫(kraft)收入囊中。
Yet Kraft, a food conglomerate struggling to grow, needs the deal more than Cadbury. 不过,作为一家发展艰难的食品集团企业,卡夫比吉百利更需要这笔交易。
That will be good news for Cadbury's workers, wherever they are based. 对吉百利的工人们来说这将会是个好消息,不管他们位于哪个国家。
In Great Britain, the Cadbury Report on Corporate Governance advocated improvements in board accountability and performance. 在英国,关于公司治理的坎特伯雷报告也倡议提高董事会责任感和表现。
Hershey and Cadbury have discussed combinations before. 好时食品和吉百利以前曾进行过商谈。
Over the same three years, Cadbury paid just £ 1m in current tax on its UK operations. 在这3年里,吉百利英国业务仅支付了100万英镑的当前税赋。
Yet Cadbury is only a quarter its size. 但吉百利的规模仅是卡夫的四分之一。
When Mars and Cadbury talk about their cocoa supplies being sustainable, they mean it. 当玛氏和吉百利表示要实现可可豆供应的可持续性时,它们的确是这个意思。
By1868, a little company called Cadbury was marketing boxes of chocolate candies in England. 到了1868年,一家名为“吉百利”的小公司开始在英国出售盒装巧克力糖果。
We are eager to build upon Cadbury's iconic brands and strong British heritage through increased investment and innovation. 我们非常希望能通过不断地投资和创新,让吉百利的品牌和英伦传统得以发扬光大。
Sales of Cadbury's Dairy Milk in the UK and Ireland are worth 200m. 吉百利DairyMilk在英国和爱尔兰的销售额为2亿英镑。
Cadbury has decided that its interest lies in long-term relationships with suppliers who earn a decent living. 吉百利已经决定,该公司的利益有赖于与能够体面谋生的供应商建立长期关系。
But analysts are sceptical that Cadbury will receive a competing bid. 但分析师怀疑吉百利会收到竞争性报价。
But Cadbury has cut thousands of jobs and closed factories. 但吉百利裁减了数百个就业岗位,关闭了工厂。