IRENE ROSENFELD, the chairman and chief executive of Kraft Foods, has launched a stinging attack on Cadbury this weekend.

In an interview with The Sunday Times, Rosenfeld accused Todd Stitzer, the Cadbury chief executive, of failing to “do the math quite accurately” after claiming his own growth strategy would deliver superior returns compared with Kraft’s 745p-a-share offer.

The comments will inflame the situation between the transatlantic rivals ahead of a takeover panel ruling this week. The panel is expected to give Kraft six to eight weeks to turn its informal £10 billion offer into a formal bid.

Last week Rosenfeld said it was a fair price. “We believe it offers good value. There is lots of speculation about interlopers — where are they?”

The Sunday Times has learnt that Roger Carr, the Cadbury chairman, flew to Boston and New York last week to hold crunch talks with six top Cadbury shareholders.

It is thought that most Cadbury investors are backing Carr’s decision to turn down Kraft’s proposal, though several big institutions are thought to be keen on the deal — but only if they can secure a much higher price.

City sources familiar with the situation said: “It is not Carr’s job to fight for independence — it is his job to fight for the best value for shareholders.”

Times Recommends

• ‘Lame duck’ fear for FSA as chief quits
• Storm over bailout of EU's most ailing economy
• Northern Rock to drop 100% savings guarantee