Kraft Takeover of Cadbury Together More Delicious Than Ever
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Transcript of 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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Cadbury Takeover by Kraft
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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Cadbury Takeover by Kraft
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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Works Cited"Cadbury: Cadbury Our Story." Cadbury: Cadbury Chocolate. Web. 31 Mar. 2010..
"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. .
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