LONDON (AP) - A cross-party committee of British lawmakers is
due to publish a strongly critical report on Kraft Inc. Tuesday,
accusing the U.S. company of acting "irresponsibly and unwisely"
during its 11.5 billion pound ($17.5 billion) takeover of Cadbury.
In pre-released excerpts of the report, the committee says that
Kraft has damaged its reputation in Britain and will need to work
hard to repair it.
The lawmakers say that Kraft's promise to keep open a British
factory - only to announce its closure after the takeover was
completed - had left the company open to charges of either
"incompetence" or a "cynical ploy" to win support.
Union leaders have renewed calls for a so-called "Cadbury law"
to prevent hostile takeovers of successful British companies by
large multinationals.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
