Kraft Foods Under Investigation Over Future Of Cadbury Plant (KFT,CBY)
3/16/2010- Kraft Foods (NYSE: KFT) is under investigation by U.K. regulators on Tuesday for raising false hopes about the future of a Cadbury (NYSE: CBY) plant, according to a Reuters report.
The company may have violated the country's code on mergers and acquisitions after creating uncertainty for workers at the plant.
Deputy general secretary of trade union Unite, Jack Dromey, said, "We never believed Kraft would keep Somerdale open. It was cynical of them to pretend they would."
According to Roger Berry, a Labour member of parliament, Kraft is claiming "ignorance on a massive scale."
Write to Chip Brian at cbrian@tradethetrend.com
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