Lindt chairman admits chocolate maker overestimated price hike tolerance

Lindt & Sprüngli executive chairman Ernst Tanner said the Swiss chocolatier misjudged how customers, especially in Germany, would react to price increases passed on after record cocoa prices. Its shares have fallen over 25% this year. Tanner, 80, said the firm is not in crisis, has already cut some prices, plans no group-wide job cuts and will not step down.