<div><p>British chocolate maker Cadbury on Tuesday blasted Kraft again over its "derisory" and "unwelcome" takeover bid, arguing that the US food giant had run out of ideas.</p><p>Cadbury had already rejected Kraft's hostile formal bid on Monday, describing it as "inadequate" in a defence document which also ramped up its forecasts for sales and profit margins over the next four years.</p><p>The British group predicted organic sales growth of 5.0-7.0 percent per year until 2013, and profit margins of 16-18 percent by 2013, boosted by emerging markets like Africa, India and the Middle East.</p><p>But in a statement published earlier on Tuesday, Kraft questioned whether Cadbury would be able to achieve the targets as a standalone company -- and received a stern response from the British confectioner.</p><p>"Kraft seem to have run out of ideas," a Cadbury spokesman said.</p><p>"Neither our shareholders nor the market as a whole seem to have had any problems understanding the detail in our business plan or the defence we presented yesterday.</p><p>"No smoke and mirrors will change the fact that Kraft's offer remains derisory.</p><p>"We will continue to communicate directly with our shareholders about the significant value in their business as we have throughout this unwelcome approach."</p><p>However, earlier Tuesday, Kraft had stated that Cadbury's latest forecasts were subject to a high degree of "risk and uncertainty."</p><p>"In contrast with the value certainty and upside potential provided by the offer, Cadbury is asking its shareholders to put their faith in possible future value creation based on a set of long-term targets, never before achieved by Cadbury and subject to significant risk and uncertainty," Kraft said.</p><p>"Furthermore, Kraft Foods notes that Cadbury has chosen to concentrate on long term targets, with very little information on its prospects for 2010."</p><p>Kraft also revealed US competition authorities have approved its hostile bid, which has been repeatedly snubbed by Cadbury and is worth 9.9 billion pounds (11 billion euros, 16.1 billion dollars).</p><p>Earlier this month, Kraft appealed directly to shareholders with details of its cash and shares takeover bid. Cadbury investors have until January 5 to accept the offer.</p><p>"We have heard nothing from Cadbury that surprises us," said Kraft Foods chief Irene Rosenfeld in Tuesday's statement.</p><p>"Cadbury's defence document only reinforces our belief that there is a compelling strategic and financial rationale to combining these two companies and that doing so would be in the best interest of both companies' shareholders.</p><p>"Having said that, Kraft Foods will continue to maintain a disciplined approach with respect to the acquisition of Cadbury in line with the criteria outlined in our offer documentation."</p><p>Kraft is the world's second biggest snacks group after Nestle. Cadbury is meanwhile the second largest confectionery company behind Mars.</p><p>A tie-up between Kraft and Cadbury would merge leading Kraft brands Oreo biscuits and Maxwell House coffee with Cadbury's Dairy Milk chocolate and Trident chewing gum.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=65483780&bid=informcom" /></div><div id="copyright"><div>

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