Mondelez International

Mondelēz International is a producer of snacks in the categories "cookies," "chocolate," "chewing gum," "lollipops" and "soluble drinks," the estimated turnover of the company in 2016 amounted to $26 billion. The company's portfolio includes global brands such as Oreo and Belvita cookies, Cadbury Dairy Milk and Milka chocolate, Trident chewing gum.

Mondelez's biggest shareholders for March 2024 include Vanguard, BlackRock and Capital Group.

Mondelēz International shares are in the S & P500, NASDAQ 100 and Dow Jones Sustainability Index.

Business in Russia

Main article: Mondelēz (Mondelis Rus)

History

2022

Mondelez bought Clif Bar for $2.9 billion

On June 20, 2022, Mondelez announced an agreement to acquire the American manufacturer of nutritious energy bars with organic ingredients Clif Bar for $2.9 billion in additional conditional remuneration. The acquisition of the company is expected to close in the third quarter of 2022. Read more here.

Chipita purchase for $2 billion

In early January 2022, the American corporation Mondelēz International completed the acquisition of the Greek Chipita, which specializes in the production of croissants and snacks. The transaction value was $2 billion. Read more here.

2019: NotPetya virus damage of $100M Insurance company refused to pay

In January 2019, food manufacturer Mondelez filed a lawsuit against its insurance company Zurich Insurance for refusing to pay $100 million for damage caused by the NotPetya virus. This case will be the first serious legal dispute to cover the costs of a cyber attack, the Financial Times notes.

In court documents filed in Illinois, United States, Mondelez indicated it had been attacked twice by the NotPetya virus, with 1,700 servers and 24,000 laptops found to be "permanently faulty."

Mondelez made the expense claim under insurance, which is said to cover "physical loss or damage to electronic data, programs or software, including physical loss or damage caused by malicious implementation of machine code or commands."

Chocolate maker Milka estimates damage from NotPetya virus at $100 million

According to documents Mondelez provided to the court, Zurich initially worked to settle the lawsuit in the usual way and at one point even promised to make an interim payment of $10 million. But the company later refused to pay, citing an exception in the insurance policy about "hostile or military actions" by the government or supreme power, or people acting on their behalf. Mondelez called Zurich's refusal "unprecedented" and demanded $100 million in compensation.

The tech director of insurance consultancy Mactavish, Rob Smart, says the terrorism and war exemptions were "something of a grey area," but it's unlikely the authors of the insurance contract had cyber attacks in mind.

This lawsuit affects one of the most painful topics in the insurance industry. Even as the cyber risk insurance market is booming, many companies claim cyber attacks under contracts unrelated to cyber policy. This is exactly what Mondelez did, according to Zurich.

Insurers are concerned about these so-called "unspoken cyber failures," and now they will be able to find out the opinion of the courts on this issue using the example of Zurich.^[1]

Notes