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Ferrero says won't bid for Cadbury

26 Jan 2010

LONDON, UK: Italian chocolate maker Ferrero on Monday, 25 January 2010, 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 (€13.1 billion, US$18.9 billion), 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.

Source: AFP

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