Crain’s Chicago Business reports that investment icon Warren Buffett, who holds 9.4 percent of the outstanding shares in Kraft Foods, said yesterday that he continues to object to the company’s $19.6 billion acquisition of Cadbury.
Referring to Kraft CEO Irene Rosenfeld, who has been pushing relentlessly for the deal, Buffett told CNBC, “"Irene has done a good job in operations. I like Irene. I mean, I find her -- she's been straightforward with me, we just disagree ... She thinks this is a good deal, I think it's a bad deal. I think she's a perfectly decent person. She could be a trustee under my will. I just don't want her making this particular deal.”
After four months of resistance, Cadbury accepted the Kraft bid earlier this week.
Referring to Kraft CEO Irene Rosenfeld, who has been pushing relentlessly for the deal, Buffett told CNBC, “"Irene has done a good job in operations. I like Irene. I mean, I find her -- she's been straightforward with me, we just disagree ... She thinks this is a good deal, I think it's a bad deal. I think she's a perfectly decent person. She could be a trustee under my will. I just don't want her making this particular deal.”
After four months of resistance, Cadbury accepted the Kraft bid earlier this week.
- KC's View:
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Maybe it’s just Nebraska folksiness, but does it strike anyone else that the “she could be a trustee under my will” line is a little disingenuous?
Though I have to admit that if I had to make a choice between getting proceeds from the Kraft-Cadbury deal and being in Warren Buffett’s will, I’d definitely choose the latter.
