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British chocolate maker "Cadbury" Plc continues to reject the public takeover offer from American giant "Kraft Foods" Inc., which it called "derisory", and announced it was expecting an increase in turnover of 5-7% in the coming four years.
The group said that its assets are worth more than the bid launched by "Kraft Foods in November: 10 billion GBP (11.1 billion Euros).
For 2009, "Cadbury" estimates its turnover will grow organically by 5%. "Cadbury" has set an objective of increasing its dividends by 2 digits in 2010.
"Kraft is trying to buy Cadbury on the cheap to provide much needed growth to their unattractive low-growth conglomerate business model", said "Cadbury" chairman, Roger Carr.
The British group announced it has "received indications of interest from third parties", but declined to offer any details. According to Sunday Telegraph, "Cadbury" had talks with another American firm "Hershey", on the possibility of a friendly takeover.
Apart from "Hershey", Italian company "Ferrero" also expressed interest in "Cadbury".
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