We are very concerned about reports that Cadburys
Board may be about to recommend acceptance of a revised takeover bid by Kraft. To us, all
the arguments about the importance of keeping Cadburys independent as a successful
and profitable British company remain as valid today as they were last month.
We think a takeover by Kraft could pose real dangers for jobs, innovation and the skill
base in the West Midlands. We worry about the kind of future that Cadburys would
have as part of this giant multinational whose corporate priorities are decided a long way
away from the West Midlands and from those other areas of which Cadburys has long
been a part.
If the Cadburys board do indeed recommend acceptance of the Kraft offer, a big
responsibility will fall on the shoulders of Cadburys shareholders when they come to
make a decision. The future of a company so important to the industrial base of this
region and the UK should be about more than short term profit whether for hedge
funds or for anyone else. We hope shareholders will think carefully about that when they
come to make a decision.
Whatever the final decision of shareholders, the protection of jobs and the long term
future of Cadburys will remain our priority in the weeks and months ahead.
We think what has been happening to Cadburys also illustrates the vulnerability
of UK companies to hostile or predatory takeovers. This is something which both Parliament
and Government needs to address.
LYNNE JONES MP Birmingham Selly Oak
RICHARD BURDEN MP Birmingham Northfield
STEVE McCABE MP Birmingham Hall Green
GISELA STUART MP Birmingham Edgbaston