Ferrero: We will not bid for Cadbury

ITLALIAN chocolatier Ferrero has ruled out making a rival bid for Cadbury leaving clear Kraft Foods to complete its £11.7bn proposed takeover of the British confectioner.

Hershey has already said it had no intention of bidding for Cadbury while Nestle has also confirmed that it does not intend to make a bid.

Ferrero said in a statement: "Further to its announcement of 18 November, 2009, Ferrero International SA confirms that it does not intend to make an offer for Cadbury."

Last week Kraft agreed a cash and shares deal which at the time valued Cadbury shares at 840 pence, with Cadbury shareholders also promised a 10p a share dividend.

Hershey and Ferrero had said on 18 November that they were considering bids for Cadbury, and were given until 25 January to come up with a fully financed bid or withdraw.

Shareholders in Cadbury have until 1pm on 2 February to accept the Kraft offer.

The deal has already been recommended by the Cadbury board, with no rival offers on the table.