The path is clear for Kraft Foods to take over Cadbury after chocolate giant Ferrero joined Hershey in ruling itself out of the running.
In a short statement released this morning, Ferrero said: “Further to its announcement of 18 November 2009 [indicating an interest in making a bid], Ferrero International confirms that it does not intend to make an offer for Cadbury.”
The news comes after a similar statement from Hershey on Friday confirmed it would not be making a bid.
Cadbury last week accepted Kraft’s improved bid of 840p a share, plus an additional 10p a share dividend, drawing a line under a months-long war of words between the Dairy Milk maker and its US suitor.
The big steal: how Cadbury fell into Rosenfeld’s clutches (23 January 2010)
Editor's Comment: I'm not angry with Cadbury, hedge funds or even Kraft. I'm angry with dozy City analysts (23 January 2010)
Hershey rules out late Cadbury bid (22 January 2010)