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Breaking pre-market news on Monday,
-Ferrero confirms does not intend to make an offer for Cadbury – statement.
- Kraft gives more details of its Mix and Match facility, says Cadbury shareholders can elect for 799p cash per shr – statement.
Hersbury?
Six days to go to Kraft’s deadline for raising its bid for Cadbury, and suddenly this pops up on the Associated Press wire:
The Hershey Co. continues to work on a bid to acquire British candy maker Cadbury PLC without the help of Italian candymaker Ferrero International.
Hershey nears Cadbury decision
Hershey and the trust that controls it are near a final decision to bid on rival candy maker Cadbury, reports the WSJ. Hershey is wary of sacrificing its investment-grade credit rating should it buy Cadbury,
CDS report: The battle for Cadbury itensifies
Gavan Nolan of Markit wrote this CDS report
European credit indices rallied today, matching a strong performance in the equity markets and recovering some ground from last week. The Markit iTraxx Europe index closed at 84bp,
Hershey, Ferrero flag interest in Cadbury
Hershey and Ferrero on Wednesday revealed that they were weighing up whether to enter the bid battle for Cadbury, the rival UK confectionery company that is fighting off a £9.9bn hostile offer from Kraft Foods of the US.
CDS report: US data dent sentiment
Gavan Nolan of Markit wrote this CDS report
European credit indices tightened slightly today, a creditable performance given the volatility in equity markets. The Markit iTraxx Europe index was about 1bp tighter at 82bp,
Hershey-Cadbury data points du jour
So, Hershey has entered the fray.
From RNS on Wednesday:
The Hershey Company (“Hershey”) notes the recent press speculation regarding a potential offer for Cadbury. Hershey confirms that it is reviewing its options and at this stage there can be no assurance that any proposal or offer from Hershey will be forthcoming.
Hershey, Ferrero plot Cadbury bid
US chocolate giant Hershey is considering launching a bid for Cadbury – possibly in partnership with Italy’s Ferrero – that could help the UK confectioner fend off a hostile takeover by Kraft Foods,
Kinder Surprise for Kraft?
Ambassador, you are really spoiling us with these bid stories.
Various European press reports of the possibility of a Kraft-melting Ferrero-Cadbury tie-up have set chins a wagging in London on Tuesday morning.