The Takeover Panel has publicly criticised Kraft Foods

The Takeover Panel has publicly criticised Kraft Foods over the handling of its takeover of Cadbury in a shock move that has cost the US company’s leading adviser his future job at the City regulator.

By Jonathan Sibun
The company logo of Kraft Foods Inc. and a bar of Cadbury’s Dairy Milk are arranged for a photo in London, U.K

The Panel criticised Kraft, saying it “did not know” the details of the planned factory closure Photo: Bloomberg

Peter Kiernan, a banker at Lazard, which advised Kraft on its controversial £11.7bn takeover, has withdrawn his candidacy to become director general of the Panel.

His withdrawal follows the Panel’s first public criticism of a company in nearly three years after it rebuked Kraft for suggesting it would reverse the planned closure of Cadbury’s factory in Somerdale, near Bristol.

The Panel criticised Kraft, saying it “did not know” the details of the planned factory closure. “Kraft’s belief, no matter how well-intentioned, was… not a belief which Kraft had a reasonable basis for holding.”


The Takeover Panel has publicly criticised Kraft Foods over the handling of its takeover of Cadbury in a shock move that has cost the US company’s leading adviser his future job at the City regulator.

By Jonathan Sibun

The company logo of Kraft Foods Inc. and a bar of Cadbury's Dairy  Milk are arranged for a photo in London, U.K

The Panel criticised Kraft, saying it “did not know” the details of the planned factory closure Photo: Bloomberg

Peter Kiernan, a banker at Lazard, which advised Kraft on its controversial £11.7bn takeover, has withdrawn his candidacy to become director general of the Panel.

His withdrawal follows the Panel’s first public criticism of a company in nearly three years after it rebuked Kraft for suggesting it would reverse the planned closure of Cadbury’s factory in Somerdale, near Bristol.

The Panel criticised Kraft, saying it “did not know” the details of the planned factory closure. “Kraft’s belief, no matter how well-intentioned, was… not a belief which Kraft had a reasonable basis for holding.” Leer más “The Takeover Panel has publicly criticised Kraft Foods”