Ferrero formally rules out Cadbury bid | business | Hindustan Times
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Ferrero formally rules out Cadbury bid

business Updated: Jan 25, 2010 15:06 IST
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Italian confectioner Ferrero International SA on Monday formally declared that it would not make a takeover bid for Cadbury PLC.

That left Kraft Foods Inc. with no one contesting its 11.5 billion-pound ($19.5 billion) bid for Cadbury.

The announcement came on the deadline for Ferrero to make a firm offer. The Italian company, maker of Nutella nut spread and Tic-Tac mints, reportedly had mulled a joint bid with The Hershey Co. Hershey ruled itself out of the running on Friday.

Kraft, the maker of Oreo cookies and Phildelphia cream cheese, now has until February 2 to line up a majority of Cadbury shareholders to accept its offer, which is endorsed by Cadbury's board.