New York: Billionaire Warren Buffett on Wednesday
voiced his unhappiness over Kraft Foods' proposed 19.5 billion
dollar acquisition of Cadbury, giving a fresh twist to the
buyout saga.
Buffett-led conglomerate Berkshire Hathaway is a top
shareholder in US-based Kraft, holding 9.4 per cent stake.
In an interview to television channel CNBC, Buffett said
that he has a lot of doubts about Kraft's proposed buyout of
Cadbury.
The billionaire investor also noted that he "feels poor"
in the wake of the deal.
In early trading, shares of Kraft fell more than two per
cent to USD 28.75 on the New York Stock Exchange.
Yesterday, Kraft said it would takeover the British
confectioner in a cash-and-stock deal valued at 11.9 billion
pounds, ending months of bitter battle between
the two companies.
Earlier, Berkshire Hathaway had opposed Kraft's move to
issue up to 370 million new shares to facilitate the
acquisition of Cadbury.
The conglomerate had said that Kraft stock is a very
expensive currency to be used in an acquisition.
PTI
First Published: Thursday, January 21, 2010, 00:08