Portfolio

Cadbury plc (2006-2010)

Cadbury is a former British multinational confectionery company that has been wholly owned by Mondelēz International since 2010.

Trian was attracted to Cadbury as a leading global confectionary company as well as a cash generative beverage division led by Dr Pepper Snapple, and began investing in the company in December 2006.

Trian believed Cadbury was not maximizing the potential of both inherently strong businesses. At Trian’s suggestion, Cadbury appointed Colin Day, then the CFO of Reckitt Benckiser Group, to its board and completed a number of operational initiatives including a tax-free spin-off of the non-core beverage assets in May 2008.

In March 2010, Cadbury was acquired by Kraft, a transaction that Trian assisted with and supported as a shareholder. The combined Kraft-Cadbury became a global confectionary company.

Sector: Consumer

Company Website: http://www.cadbury.co.uk/