Raiding the sweet jar

For a company founded by a noted 19th-century humanitarian, Cadbury has grown remarkably hard-nosed. Not only did it announce the demerger of its drinks business in March. Now it has unveiled a bold cost-slashing plan too, including the loss of 15% of its employees over four years. These things look like a sensible attempt to pre-empt a takeover of the UK confectioner on the cheap. Cadbury has appeared an attractive takeover target for some time. Margins of just over 10% woefully lag rivals Her...