• Wall Street Journal, Tuesday, September 8, 2009 10:40 AM

Cadbury has rebuffed a takeover bid from Kraft but the action is probably far from over, Dana Cimilluca, Ilan Brat and Julie Jargon report. And when all is said and done, the global candy market may look a lot different than it did the day before yesterday.

The pressure is on Kraft to sweeten its $16.73 billion bid, but other firms may have a sweet tooth for the British marketer of Cadbury's chocolate bars and Trident gum, among other brands. Most of Cadbury's sales are outside the U.S., with more than one-third in emerging markets, which would extend Kraft's reach for brands such as Oreo cookies and Velveeta cheese. But Hershey or Nestlé SA could step in -- possibly in partnership -- as alternative bidders. Any deal would face regulatory barriers.

In a separate story, headlined "Sugar And Spice: A Clash Of Two Change Agents, " David Kesmodel and Cecilie Rohwedder look at the different approaches that Cadbury CEO Todd Stitzer and Kraft CEO Irene Rosenfeld have taken in turning around their respective companies. While Rosenfeld expands revenues, Stitzer has focused on cutting costs and improving margins.

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