AP source: Hershey still plans bid for Cadbury, despite potential Italian partner dropping out
By Marc Levy, APWednesday, January 13, 2010
AP source: Hershey plans solo bid for Cadbury
HARRISBURG, Pa. — The Hershey Co. continues to work on a bid to acquire British candy maker Cadbury PLC without the help of Italian candymaker Ferrero International.
A person familiar with Hershey’s plans told The Associated Press on Wednesday that the company has been working on parallel bids for Cadbury — one with Ferrero and one on its own.
The person spoke on condition of anonymity because the person was not authorized to speak publicly about the matter.
Kraft Foods Inc. has bid $16.5 billion for Cadbury and has until Feb. 2 to win support from a majority of shareholders.
An Italian business daily reported Wednesday that Ferrero International SA is no longer interested in bidding for Cadbury.
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