Hershey Trust backs bid
Nov 21, 2009
NEW YORK - A CHARITABLE trust controlling US chocolate maker Hershey is backing a bid of US$17 billion (S$23.8 billion) for Britain's Cadbury, the Wall Street Journal reported on Friday.
The Journal, citing several people familiar with the matter, said the Hershey Trust is pressing to top the hostile bid from US food giant Kraft estimated at some US$16.5 billion.
The bid, if it emerges, could include US$10 billion in cash from Hershey as well as US$2 billion worth of Hershey shares, the report said. Additional funds may be sought from other investors.
The Journal reported earlier that Hershey was mulling a joint bid with Italian confectioner Ferrero.
On Wednesday, a Cadbury spokesman told AFP that it would only consider a takeover offer which delivered 'full value' for Cadbury. -- AFP
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