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Cadbury CEO admits some synergies with Kraft

The head of chocolate maker Cadbury PLC, which is facing a possible takeover by US food giant Kraft Foods Inc, said there were some “complementary elements” in the two companies' portfolios, according to a Wall Street Journal report.

Still, Cadbury Chief Executive Todd Stitzer, in an interview with the newspaper, said the British company's shareholders reject the deal at the Ł9.7 billion ($16 billion) price offered by Kraft earlier this month.

“I completely respect the fact that we would be attractive to someone else, but the world of large conglomerates has passed,” Stitzer told the paper.

Stitzer said that in areas such as Europe, and emerging markets like Brazil, Russia and China there were “clear combinations of either routes to market or complementary elements of the confectionery portfolio.” (Reuters)