Ferrero and Hershey eye up Cadbury
ITALIAN confectionary firm Ferrero and US-based Hershey are in talks over a potential joint bid for Cadbury, threatening to derail Kraft’s £9.8bn hostile bid for the UK confectioner.
A source familiar with the talks said that the discussions are “very early in the process”. But the news is the clearest sign yet that there could be a white knight to fend off Kraft.
It is understood that Nutella maker Ferrero has enlisted NM Rothschild and Mediobanca to advise on any bid.
Hershey has been more aggressive about pursuing a joint bid than Ferrero, but financial details have not been discussed, according to the Wall Street Journal.