Ferrero withdraws from Cadbury bidding

by Eric Schroeder
Share This:

ALBA, ITALY — Ferrero International S.p.A. on Monday said it will not bid for Cadbury P.L.C., paving the way for Kraft Foods Inc. to complete its buyout of the London-based company. The decision by Ferrero to pull out of the bidding comes three days after The Hershey Co. took its name out of the running for Cadbury.

Privately-owned Ferrero had said on Nov. 18, 2009, that it was considering its options regarding a rival bid to Kraft Foods’ bid. In its Jan. 25 announcement, Ferrero did reserve the right to make an offer for Cadbury in the event that there is a material change in circumstance; the Kraft offer lapses or is withdrawn; an offer for all or some of the shares in Cadbury by a third party is announced; or a whitewash proposal or a reverse takeover is announced in respect of Cadbury.

Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.



The views expressed in the comments section of Baking Business News do not reflect those of Baking Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.