kraft takeover of cadbury together more delicious than ever

7/31/2019 Kraft Takeover of Cadbury Together More Delicious Than Ever

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Kraft Takeover of CadburyTogether more delicious than ever?

Cypress Semiconductors Group: Matt Altman, Sarah Caldwell, Jacques Fruge,

Elizabeth Heck, Asif Jaria, Hammad Ahmed Siddiqui, Alex Papavasiliou & Yogesh Patil


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AgendaKraft BackgroundMatt Altman

Cadbury BackgroundAsif Jaria

The SituationHammad Siddiqui

Change ManagementJacques Fruge

Krafts ApproachSarah Caldwell

Why Transformations FailYogesh Patil &Alex Papavasiliou

ConclusionElizabeth Heck


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Kraft Foods, Inc.


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Kraft Background

1903 James L. Kraft begins selling cheese door-to-door in Chicago

1912 Set up main headquarters in New York City

1924 Became known as Kraft Cheese Company

1928 Acquired Phenix Cheese Company and changedname to Kraft-Phenix Cheese Company

1930-1969 Was known as National Dairy


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Kraft Background (cont.)

1976 Becomes Kraft, Inc.

1988 Philip Morris purchases Kraft for $12.9 billion

1989 Company merges with General Mills

1990s Begins merging with other companies to

increase market share

2007 Kraft is once again made into an independentcompany by Philip Morris


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Krafts Products

Beverages: Crystal Light, Country Time, Kool Aid, Tang, Capri Sun,General Foods International Coffees

Snacks: Cheese Nips, Corn Nuts, Ritz, Triscuit, Wheat Thins,

Newtons, Nilla, Nutter Butter, Oreo, Teddy Grahams, Chips Ahoy!

Cereals: Alpha-Bits, Golden Crisp, Honeycomb, Honey Bunches ofOats, Pebbles, Raisin Bran, Waffle Crisp, Banana Nut Crunch


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Krafts Products (Cont.)

Dinners and Meats: Oscar Mayer cold cuts and hot dogs,Louis Rich cold cuts and hot dogs, Kraft Easy Mac,Lunchables, Stove Top Stuffing

Salad Dressings and Condiments: Kraft salad dressing, Kraftmayo, Miracle Whip, A.1. Steak Sauce, Philadelphia creamcheese

Deserts and Confectionery: Jell-O, Cool Whip, Altoids, LifeSavers

http://www.youtube.com/watch?v=ECZTIHEDMu4


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Krafts Goal

Krafts goal is to have top-tier financial performance

To achieve this goal, Kraft plans to use four strategies:

Build a high-performing organization

Reframe categories

Exploit sales capabilities

Drive down costs without compromising quality


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Cadbury, plc


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Cadbury Background

Cadbury was a British-based confectionarycompany headquartered in Uxbridge, England

It was the second largestcompany in its field, only afterMars-Wrigley

Cadbury was listed on the London Stock Exchangeand made the FTSE 100 list of the LSE


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Cadbury Background(Cont.)

1824 John Cadbury began selling tea, coffee and drinking chocolate heproduced himself; he later partnered with his brother Benjamin to launch acompany called Cadbury Brothers of Birmingham

1854 Cadbury brothers were the official suppliers of chocolate and cocoato Queen Victoria

1878Company expanded when Johns sons, Richard and George,acquired the Bournbrook estate

1879 Set up Bournville factory

1893George bought 120 acres of land and built a model village for hisworkers, which by 1900 had expanded to 330 acres and 313 cottages


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Cadbury Background(Cont.)

1918 Cadbury expanded abroad by opening a factory inTasmania

1919Merged with chocolate company J.S. Frys & Sons

1969 Merged with the soft drink producer Schweppes andwas renamed Cadbury Schweppes; went on to acquire softdrink companies Canada Dry, Sunkist and Typhoo Tea

2008 Cadbury Schweppes split into two separate entities,with one focusing on confectionery and the other focusing onbeverages


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Cadbury Products

Chocolate: Dairy Milk, cream egg, crispy crunch,curly wurly, chocolate clairs, dream, flake, minieggs and more

Sweets: Jelly babies, sherbet lemons, assortedtoffees, fruit gums, fuzzy peach, Swedish berriesand more

Mints and Chewing Gum: Trebor mints, spearmints,mini-mints, Trident, Clorets, Dentyne and more

http://www.youtube.com/watch?v=TVblWq3tDwY&feature=related


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The Situation


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Stakeholders of the Takeover


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Cadbury Takeover by Kraft

September 7, 2009

Kraft surprises the London market with a cash and sharesapproach for Cadbury, valuing it at 10.2 billion (US $16.2billion)

The offer was rejected

November 9, 2009

Put up or shut up deadline to Kraft

Hostile Kraft launched formal bid valuing the firm at 9.8 billion

Cadbury swiftly rejects the derisory bid


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Kraft bolsters its war chest by selling its frozenpizza arm to Nestl

Kraft earned $3.7 billion to spend towardCadbury takeover

Eliminated Nestl from Cadburys race


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Barriers to Takeover

Cadburys Management

You risk destroying what makes Cadbury great.

- Todd Stitzer, Chief Executive

Cultural aspects are always difficult to put a value

on... But we believe [Cadburys corporate ethos] would

be lost within a larger organization... There is themagic of Cadbury, which is important, particularlyaround our brands.

- Andrew Bonfiled, Finance Director


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Cadbury takeover by Kraft

January 18, 2010

Cadburys board recommends 12 billion sale to

Kraft

January 19, 2010

Cadbury and Kraft Foods reach a deal where Kraftwould purchase Cadbury for 8.40 per share,valuing Cadbury at 11.5 billion ($18.9 billion)creating the worlds largest confectioner


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February 3, 2010

Chairman Roger Carr, Chief Executive Todd Stitzer andChief Financial Officer Andrew Bonfield announce their

resignations

Kraft borrowed 7 billion ($11.5 billion) in order to finance thetakeover

February 5, 2010

Kraft reached 75% control of the groups shares,

delisting Cadbury

http://www.youtube.com/watch?v=w9eP5-qkAVc
http://www.youtube.com/watch?v=w9eP5-qkAVchttp://www.youtube.com/watch?v=w9eP5-qkAVchttp://www.youtube.com/watch?v=w9eP5-qkAVchttp://www.youtube.com/watch?v=w9eP5-qkAVc


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Change ManagementFour Step Change Process


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Mainstream Vs MultistreamStep One - Recognize the Need or Opportunity for Change

Mainstream: Managers identify need for change;focus on changes that will maximize profits,

efficiency, productivity and competitiveness

Multistream: Managers and other stakeholdersidentify need for change; look for opportunities that

balance multiple forms of well-being for multiplestakeholders


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Mainstream Vs MultistreamStep Two - Unfreeze: Prepare members for change

Mainstream: Managers use influence to establish a

sense of urgency and reduce resistance amongmembers

Multistream: Managers consult with other

stakeholders to develop a shared vision


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Mainstream Vs MultistreamStep Three - Change

Mainstream: Managers act as change agents and gainmembers commitment to the vision by promoting positive

attitudes and confidence in abilities

Multistream: Management maintains open dialogue toparticipation among members


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Mainstream Vs MultistreamStep Four - Refreeze / Reslush

Mainstream: Managers make adjustments to

systems and structures to reinforce the changes

Multistream: Change is viewed as an ongoingprocess; managers emphasize alignment and

flexibility


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Krafts Approach


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Krafts Approach:Need or Opportunity for Change

Needs: Kraft experiencing slow growthand declining sales

Opportunities:

Cadburys strong brand loyalty

Cadburys presence in emerging

markets

Possible revenue and costsynergies


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Krafts ApproachMethod of Unfreezing

Committed to:

Keeping certain plants open

Allow R&D to remain in the UK

Manage Cadbury from the UK

Maintain production of Dairy Milk and other products in the UK

Lack of communication with major Union

Structured merger to avoid the need of shareholder approval


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Krafts ApproachMainstream or Multistream?


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Why TransformationsFail


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Why Transformations Fail

Not establishing a great enough sense of urgency

Not providing a powerful enough guiding coalition

Lacking a vision

Under-communicating the vision by a factor of ten

Not removing obstacles to the new vision

Not systematically planning for and creating short-term wins

Declaring victory too soon

Not anchoring changes in the corporations culture

http://news.bbc.co.uk/2/hi/business/8570470.stm
http://news.bbc.co.uk/2/hi/business/8570470.stmhttp://news.bbc.co.uk/2/hi/business/8570470.stm


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Conclusion


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Conclusion

What steps might Kraft take

to recover?

Has Kraft taken aMainstream or Multistreamapproach to the Cadburytakeover?


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Conclusion (cont.)

What can Kraft do to maintain Cadburys ethos and

address the communitys and workers concerns?

Where does Kraft fall in the organizational change stepsand where do they go from here:

Change

Refreeze


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References


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"Cadbury Shareholders Approve Kraft Takeover| Reuters." Business & Financial News, Breaking US & International News |Reuters.com. Web. 31 Mar. 2010. .

"Cadbury Takeover Earns Kraft's Irene Rosenfeld a 40% Rise | Business | The Guardian." Latest News, Comment and Reviewsfrom the Guardian | Guardian.co.uk. Web. 31 Mar. 2010. .

"FT.com / In Depth - Cadbury Executives Join Kraft Top Team." Financial Times. Web. 31 Mar. 2010..

International Finance: Kraft Faces U.K. Probe Over Plant Closing --- Company Reversed Course in Statements on Cadbury'sSomerdale Factory; 'False Hope' for ResidentsCecile Rohwedder, Alistair MacDonald. Wall Street Journal. (Eastern Edition). New York, N.Y.:Mar 8, 2010. p. C.5

"Kraft Clinches Control of Cadbury - MarketWatch." MarketWatch - Stock Market Quotes, Business News, Financial News. Web. 31Mar. 2010. .
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Works Cited (Cont.)"Kraft Moves Fast to Silence the Doubters - Telegraph." Telegraph.co.uk: News, Business, Sport, the Daily Telegraph Newspaper, Sunday Telegraph -Telegraph. Web. 31 Mar. 2010. .

"Kraft Sells Pizza Business to See off Nestl Interest in Cadbury - Birmingham Post - Business Blog." Birmingham Blogs - Birmingham Post. Web. 31Mar. 2010. .

Kraft 'Sorry' for Breaking Cadbury Pledge Michael Carolan. Wall Street Journal (Online). New York, N.Y.:Mar 16, 2010

"Warren Buffett: Kraft's." Telegraph.co.uk: News, Business, Sport, the Daily Telegraph Newspaper, Sunday Telegraph - Telegraph. Web. 31 Mar. 2010..

Kennedy, By Simon. "Kraft to Buy Cadbury in $19.5 Bln Friendly Deal - MarketWatch." MarketWatch - Stock Market Quotes, Business News, FinancialNews. Web. 18 Apr. 2010. .

Kansas, Dave. "Is It Safe to Invest in Europe? - WSJ.com." Business News & Financial News - The Wall Street Journal - WSJ.com. Web. 18 Apr. 2010..

"Kraft Misses Earnings Estimates, Looks to Cadbury and Overseas Markets For Growth - DailyFinance." DailyFinance - DailyFinance. Web. 18 Apr.2010. .
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://blogs.birminghampost.net/business/2010/01/pizzas-to-go-kraft-ditches-hig.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7036463/Warren-Buffett-Krafts-11.9bn-takeover-of-Cadbury-is-a-bad-deal.htmlhttp://blogs.birminghampost.net/business/2010/01/pizzas-to-go-kraft-ditches-hig.htmlhttp://blogs.birminghampost.net/business/2010/01/pizzas-to-go-kraft-ditches-hig.htmlhttp://blogs.birminghampost.net/business/2010/01/pizzas-to-go-kraft-ditches-hig.htmlhttp://blogs.birminghampost.net/business/2010/01/pizzas-to-go-kraft-ditches-hig.htmlhttp://blogs.birminghampost.net/business/2010/01/pizzas-to-go-kraft-ditches-hig.htmlhttp://blogs.birminghampost.net/business/2010/01/pizzas-to-go-kraft-ditches-hig.htmlhttp://blogs.birminghampost.net/business/2010/01/pizzas-to-go-kraft-ditches-hig.htmlhttp://blogs.birminghampost.net/business/2010/01/pizzas-to-go-kraft-ditches-hig.htmlhttp://blogs.birminghampost.net/business/2010/01/pizzas-to-go-kraft-ditches-hig.htmlhttp://blogs.birminghampost.net/business/2010/01/pizzas-to-go-kraft-ditches-hig.htmlhttp://blogs.birminghampost.net/business/2010/01/pizzas-to-go-kraft-ditches-hig.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7061041/Kraft-moves-fast-to-silence-the-doubters.html

kraft takeover of cadbury together more delicious than ever

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