Kraft's bid for Cadbury in doubt
Published 06/01/2010 | 05:00
KRAFT'S takeover bid for Cadbury was thrown into doubt after the US food company's biggest shareholder voted down plans to issue new shares to pay for the deal.
Billionaire Warren Buffett called on the rest of Kraft's shareholders not to write a "blank cheque" by agreeing to issue 370 million new Kraft shares, at a time when he believes the stock is undervalued at around $27 (e19) a share.
Macy's announces five store closures
Macy's, the second-biggest US department-store chain, plans to close five locations in an annual store pruning that is smaller than last year's. Macy's will shutter stores affecting 307 employees, the retailer said in a statement yesterday. A year ago, the chain announced it would shed 11 locations.
China accused of piracy by US firm
China was accused of piracy in a lawsuit filed by a California software maker, which said that the Green Dam Youth Escort filtering software installed on personal computers in the country infringes its copyright. Cybersitter LLC filed a complaint yesterday, seeking $2.2bn (e1.5bn) in damages, it said in a statement.
Ford stocks rise after sales gain
Ford Motor Co posted a 33pc sales gain for December as US auto sales ended 2009 on an upswing after a tumultuous year that saw GM and Chrysler collapse. The Ford sales surge included all categories of its cars and trucks and ran beyond the expectations of analysts and sent the company's stock sharply higher.
Auction prices for milk powder down
Milk powder auction prices fell for the first time in six months as demand from food manufacturers to rebuild their stocks slowed, Fonterra Cooperative Group Ltd, the world's largest dairy exporter, said yesterday.
Lexus keeps lead for luxury cars
Toyota's Lexus posted a 22pc surge in December US sales, finishing its 10th consecutive year in the top spot for luxury autos after fending off a challenge by BMW.