 On 7 September 2009 Kraft Foods made a £10.2 billion (US$16.2 billion) indicative takeover bid for Cadbury.The offer was rejected, with Cadbury stating that it undervalued the company.Kraft launched a formal, hostile bid for Cadbury valuing the firm at £9.8 billion on 9 November 2009. Business Secretary Peter Mandelson warned Kraft not to try to "make a quick buck" from the acquisition of Cadbury.