New York: Kraft Foods, which is locked in a bitter takeover battle with Cadbury, has said it is well positioned to deliver top performance, with or without the British confectioner.
The US company's offer to acquire Cadbury for over 10-billion pounds in a cash-and-stock deal, has been rejected by the British firm, which termed the same as "derisory".
Revising its profit outlook for 2009 upwards, Kraft on Tuesday said the company is delivering "high quality earnings growth" despite the tough economic situation.
"We are doing this while continuing to invest in our brands and businesses. As a result, we're well positioned to deliver sustainable top-tier performance, with or without Cadbury," Kraft Chairman and CEO Irene Rosenfeld said in a statement.
Kraft's original offer was 300 pence and 0.26 Kraft shares for every Cadbury stock. Last week, the US company said it would raise the cash component of the bid by 60 pence.
The US firm expects to report diluted earnings per share of at least USD 2 compared to earlier projection of USD 1.97.
The statement noted that the increased guidance reflects strong operating gains as well as a significant increase in marketing investments versus the prior year.
In its defence against Kraft's hostile bid, Cadbury yesterday said its financial performance in 2009 was "outstanding" and well ahead of market expectations.
Kraft's takeover plan has been opposed by its top shareholder -- Warren Buffett-led Berkshire Hathaway.
PTI
First Published: Wednesday, January 13, 2010, 20:58