Hershey has struggled to assemble a bid for London-based Cadbury and the Ferrero decision cast greater doubt on its ability to make an offer, said [image-nocss] the report. Hershey officials would not comment on whether it would proceed with an offer. Last week, Swiss food group Nestle ruled itself out of a Cadbury auction. (Click here for previous CSP Daily News coverage.)
Ferrero's decision came as Cadbury made its final case against the bid by Northfield, Ill.-based Kraft, delivering higher margins and promising a raised dividend, but the U.S. food group was still expected to succeed by slightly improving its offer, said Reuters.
Milan, Italy-based Ferrero produces products including Nutella chocolate-hazelnut spread; Ferrero Rocher, Pocket Coffee, Mon Ch ari, Giotto chocolates; Confetteria Raffaello coconut cream candy; and the Tic Tac breath mints.
(Click here for previous CSP Daily News coverage of the Kraft and Cadbury.)
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