Cadbury workers to campaign against Kraft’s takeover

Even as Cadbury is readying its defence after Kraft Foods went hostile with its $16.4-billion offer this week, (See: Cadbury once again to reject Kraft's ''unappealing'' offer) the UK confectioner's workers in the UK and Ireland are gearing up to launch a campaign to protect their company's independence and fend off Kraft's unsolicited takeover offer. 

Britain's largest trade union, Unite, said yesterday that it was organising a demonstration on 15 December in the city of Birmingham at Cadburys historic Bournville home in a bid to thwart Kraft's hostile offer and possible job losses and pay cuts that accompany takeovers.

The demonstration will see the workers from the UK and Dublin and their growing coalition of supporters, including local MPs and public figures, stand together to resist the takeover by Kraft, which Unite says will saddle Cadbury with enormous debt, and result in job losses and pay cuts to meet its massive borrowings needed to finance this takeover.

In early November, Kraft lined up a $9-billion in bridge financing from a consortium of banks to fund its bid for Cadbury. (See: Kraft confirms $9-billion loan for Cadbury acquisition)

Len McCluskey, Unite assistant general secretary, said, "There is serious and growing worry, stretching from the shop floor to the wiser heads on the City trading floor, about what the Kraft offer and any ensuing bidding war could mean for Cadbury.''

"Cadbury is a great UK success story - and it was and is not for sale. But suddenly, a hostile bid and swarming speculators has thrown its future, its investment plans and the jobs of thousands of workers here and in Ireland up in the air.