Peltz pressures Cadbury to improve ...(NEWSLETTER)

Candy Industry, January, 2008

Nelson Peltz, the head of the Trian investment group, called on Cadbury to make improvements by setting near-term margin goals, increasing long-term margin expectations, introducing new board members and selling off some beverage assets. Over the past year, Cadbury has made several significant changes, including relenting its U.S.

beverage division and moving some of its UK manufacturing to Poland. While Trian's letter to Cadbury's executive board was blunt and aggressive, Cadbury seemed unconcerned by Peltz. The company attested that is it, in fact, doing a good job of creating shareholder value.