Berkshire Hathaway Inc. (NYSE: BRK.B), the holding company owned by billionaire Warren Buffett, said Tuesday it voted against Kraft Inc.'s proposal to issue 370 million shares to finance its bid for Cadbury PLC (NYSE: CBY), according to Associated Press.
Xplosive Stocks, an online financial publication, provides investors timely stock market information.
Sign Up Today for our Free Stock Newsletter
Kraft (NYSE: KFT) has offered $16.5 billion in cash and stock for Cadbury, which has rejected the offer.
Berkshire Hathaway owns about 138.3 million, or 9.4 percent, of Kraft's shares, making it Kraft's largest shareholder.
On Tuesday, Kraft agreed to sell its North American pizza business unit to Nestle in a move to increase the cash aspect of its bid for Cadbury.
The deadline for Kraft to revise its offer is Jan. 19. Berkshire said it will vote to issue shares only if it feels the final offer does not hurt the value for Kraft shareholders.
Kraft shares rose 87 cents, or 3.2 percent, to $28.30 in morning trading on Tuesday.
Sign up for the free Xplosive Stocks newsletter. Investors interested in receiving small cap stock alerts through the penny stock newsletter published by Xplosive Stocks can sign up for free by visiting our website.
About Us
Xplosive Stock is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We focus on Xplosive Stocks and track small cap companies that are on the brink of a financial breakout. To feature a company on our website please contact us at the email listed below.
Please click here to read the full disclaimer.
