A 185 year proud history. Call me bitter, yet I can’t but help feeling sad over it. It’s not my job going down the pan, but it is my brand, and the brand of everyone else in Britain who’s ever chosen a Cadbury’s chocolate over Toblerone, Rolo or KitKat.
After news emerged that reams of stock owned by hedge funds were sold to Kraft for a £12 billion deal, it seemed galling that the short termism of hedge fund managers, recently bailed out by governments in the financial crisis on both sides of the Atlantic, won out – despite the UK government’s wan intervention (see the Grauniad’s excellent article) back in November. An unfavourable decision understandable for Cadbury’s board under UK take-over law, it does not diminish its reprehensible quality to those interested in things other than cash cows.
Like the Mini, Jaguar, Rolls Royce and Rover and every other British icon we’ve ever cherished and let go (though this list seems awkwardly too auto based) it’s a sad reminder of British industry’s sell out.
One thing is more or less certain, this is one wallet on legs which wont be emptying to line those of investors across the pond.