Ferrero rules out bidding for Cadbury
Italy's Ferrero has ruled out a rival bid for Cadbury, clearing the way for Kraft Foods to complete its £11.7 billion (Dh69.4bn) proposed takeover of the British confectioner.
Fellow chocolate maker Hershey said on Friday it had no intention of bidding for Cadbury, so with Nestle already ruled out, Kraft appears on course to complete its recommended bid.
"Further to its announcement of November 18, 2009, Ferrero International confirms that it does not intend to make an offer for Britain's Cadbury," the Italian group said in a statement yesterday.
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