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Business

Ferrero pulls out of race for Cadbury leaving way clear for Kraft

Text by News Wires

Latest update : 2010-04-10

After the withdrawal of Hershey, another possible buyer for British confectioner Cadbury has pulled out. Ferrero, the Italian chocolate maker, will not make a counter-bid to Kraft’s offer freeing for the US giant.

AFP - Italian chocolate maker Ferrero on Monday said it did not intend making a counter-bid for British confectioner Cadbury, which last week agreed to a multi-billion-dollar takeover from US giant Kraft Foods.

"Ferrero International SA confirms that it does not intend to make an offer for Cadbury," the group said in a short statement to the London Stock Exchange.

US chocolate maker Hershey had on Friday also ruled out a counter-bid after reports suggested that it was weighing up a joint offer with Ferrero.

Ending a bitter hostile takeover battle with Kraft, the board of Cadbury last week agreed to an improved offer worth 11.5 billion pounds (13.1 billion euros, 18.9 billion dollars), or 840 pence per share.

Under the deal, Cadbury shareholders will also receive 10 pence per share via a special dividend, lifting Kraft's offer to 11.9 billion pounds.

Date created : 2010-01-25

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