Cadbury (NYSE:CBY) Falls as (Berkshire: BRK.A) Says NO

Shares of Cadbury plc (ADR) (NYSE:CBY) fell 3.50% to $49.85 after  Warren Buffett’s Berkshire Hathaway Inc., the top stockholder in Kraft Foods Inc., voted against the foodmaker’s proposal to issue as many as 370 million shares to help buy the candymaker.

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“Kraft stock, at its current price of $27, is a very expensive ‘currency’ to be used in an acquisition,” Omaha, Nebraska-based Berkshire said today in a statement on its Web site. Berkshire holds more than 9 percent of Kraft shares.

“The share-issuance proposal, if enacted, will give Kraft a blank check,” Berkshire said. “To state the matter simply, a shareholder voting ‘yes’ today is authorizing a huge transaction without knowing its cost or the means of payment.”