Kraft Profit Falls But Co. Raises Outlook For Year

SARAH SKIDMORE

PORTLAND, Ore. (AP) — Kraft Foods Inc. is still interested in acquiring Cadbury PLC but plans to deliver solid results with or without the British candy maker, Kraft said Tuesday.

Kraft has little time left to make a firm offer for Cadbury. British regulators set a Nov. 9 deadline for Kraft to make a formal bid or walk away for six months. The company announced in September that it had made a $16.7 million initial proposal for Cadbury and was rebuffed.

Kraft officials would not disclose the price or timing of a potential offer, saying they were limited by regulations. But they hinted it may come soon, suggesting investors watch the company's official filings.

If Kraft does acquire Cadbury, it would create an industry giant, combining the world's second-largest food maker and one of the world's largest confectioners.

Kraft CEO Irene Rosenfeld reiterated that the company will maintain a disciplined approach to the deal. Kraft is committed to maintaining its investment-grade credit rating and to paying investor dividends, she said.