The British were not very interesting Cadbury

The battle for Cadbury is finite. Friday, the American Hershey announced that he would attempt not counteroffer on the candy maker British, about to be purchased by Kraft for EUR 13.6 billion. Interviewed by "Les echos", Roger Carr, the Chairman of the Board of Cadbury, admits that he would have preferred a marriage to Hershey and Ferrero. But he believes that Cadbury could have a beneficial effect on Kraft, and that the proposed price is good.

During the battle, you said that Kraft was a conglomerate with low growth. Now that he has managed for its purposes, what can bring to Cadbury

Cadbury shareholders will have a good return on investment. From an operational point of view, we had no need of Kraft, while they were in need of us. Kraft leaders repeatedly missed financial targets they were attached, so they have had difficulties. Above all, their occupations are rather soft in terms of growth. But I think Cadbury will be blessed in the new set and seen as a good example of the way in which business must be conducted.

We purchased the manufacturer of American chewing Adams four years ago to boost our growth. And it is this acquisition which has changed the performance of Cadbury. When you buy a powerful company, it may have a catalyst to the new together.

This may well be the destiny of Cadbury Kraft Empire. The acquisition of Adams is an example taught at the Harvard Business School and the Kraft people studied it. Given the way they discuss with our team today, they seem to want to emulate.

Cadbury shareholders have until February 2 to bring their titles to Kraft. What's your prognosis

I would be very surprised that they do not provide their titles. The British public has expressed regret for the loss of a national flagship, but the reaction of shareholders, one or two exceptions, was a massive support for what we have achieved and the value created by this transaction. The Cadbury share price is 50 higher than before the Kraft.

Warren Buffett believes that the offer is not advantageous for Kraft. What do you think

He speaks as a shareholder in Kraft, disappointed by its performance for a long time...

From the beginning of the iron arm, he acted in price more than ethics, despite the origins of Cadbury

Just before this offer, the shareholders of Cadbury was rather unusual: about 28 of the titles were held by some institutional British and 50 by institutional Americans. Is the reverse of a classical society of the FTSE 100. The British were not very interesting Cadbury. Before the spin off of Schweppes, the Group was considered to be a conglomerate and he had been affected by recalls products due to salmonella. Two or three years ago, the perception of Cadbury was very different from that of today. We talked not "national treasure", and the shareholders had a logic of prices. For those entered recently, offers over 800 pence per share was sufficient. When Irene Rosenfeld, Managing Director of Kraft, suggested 830 pence, the vast majority of the shareholders would have been happy. I refused because I've always said that the middle of the range 800-900 was the right price. I did not want to leave Cadbury. I was very satisfied to transform the Group and to see its value increase. I would have liked to stay.

Is rare in Britain, the Government has been sensitive to the loss of a "national champion"...

The Cadbury of today was born out of its acquisition of Adams. We are a global player. The Government had a political agenda in this case, but he wants the actions follow the words, to change the rules. It is regrettable for example that the OPA rules are much more favourable here in the predators to prey. Cadbury did not need to be sold, and it would have been wider criteria may be taken into account. But the only rule we had was the price. A French defence, is not the way to work in Britain. And when this type of rules, this penalises the shareholders.

That said, I am satisfied that Kraft did not purchase Cadbury for lots of money to destroy it. They inherit some of the best plants and research centres of the world. We have just spent 400 million pounds to Bournville. There is little chance that they are moving away from this site.

Would you have preferred another marriage

Yes, we would have preferred a marriage to Hershey and Ferrero, that would have created a powerful confectionery specialist. But I have never had concrete evidence of an actual arrival at Hershey's negotiations table, with which I have had contact or Ferrero.