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Kraft Foods Inc. (KFT) is set to meet with labor representatives for Cadbury PLC's (CBY) workers Wednesday to discuss its plans for the U.K. confectioner, which Nov. 9 rejected a GBP9.8 billion offer from Kraft as "derisory" after the U.S. food giant formalized a previous approach rather than raise it.
It will be the first face-to-face meeting that the Unite trade union has had with Kraft following various calls since Kraft's bid was launched, Unite spokeswoman Jennie Formby told Dow Jones Newswires.
Unite plans to follow up on its demands first sent to Kraft boss Irene Rosenfeld on Nov. 15 which included guarantees on jobs and sites and the preservation of full pension benefits and contributions, Formby added.
Kraft has had no direct contact with Cadbury management since an initial discussion between Rosenfeld and Cadbury chairman Roger Carr Aug. 28. Rosenfeld followed up that meeting with a letter detailing an offer, which Cadbury's board discussed before formally rejecting it a few days later.
-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; email@example.com