UPDATE:Kraft CEO: Right Time To Grow, With Cadbury Or Without

Kraft Foods Inc. (KFT) Chief Executive Irene Rosenfeld gave no indication Wednesday of her next move on Cadbury PLC (CBY), but emphasized that the food giant is poised for growth: with or without Cadbury.

Speaking at the World Business Forum in New York, she said now is the right time for Kraft to accelerate its growth, with Cadbury or on a standalone basis.

Kraft last month unveiled a proposal to take over Cadbury, but has yet to make a formal offer. Cadbury rejected Kraft's initial approach. Kraft now has until Nov. 9 to make a formal offer for the U.K. company. Kraft has widely been expected to raise its initial bid of 745 pence a share, although the absence of any counter bids would likely strengthen its bargaining position.

Kraft's shares have dropped since news of its takeover bid, leaving Rosenfeld with the task of reassuring her own shareholders and of convincing Cadbury holders of the value of her company's cash and stock bid.

Rosenfeld Wednesday made the case that Kraft has substantially improved its growth prospects on her watch by bolstering its brands, cutting costs and improving its management structure. The company is set to meet its long-term targets for 7% to 9% earnings growth, she said.

Kraft hasn't made a formal bid so far, and it has the option of walking away, seeking a friendly deal or turning hostile. With Cadbury having rejected Kraft's initial approach, the final outcome of the deal remains uncertain and Kraft has sought to emphasize that it is well positioned, even as a standalone firm.

In recent trading, Kraft shares were down 0.1% at $26.06, while Cadbury was off 0.3% at $50.61.

-By Anjali Cordeiro, Dow Jones Newswires; 212-416-2200; [e-mail]