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| Version 1 | Version 2 |
|---|---|
| 'Talks on rival bid' for Cadbury | 'Talks on rival bid' for Cadbury |
| (about 2 hours later) | |
| Two international confectionery firms are considering a joint bid for Cadbury that could forestall a hostile takeover by Kraft Foods, reports say. | Two international confectionery firms are considering a joint bid for Cadbury that could forestall a hostile takeover by Kraft Foods, reports say. |
| US-based Hershey and the Italian firm Ferrero are reported to have held preliminary talks on the plan. | |
| Cadbury has declined to comment. Earlier this month it rejected Kraft's proposed offer worth £9.8bn. | |
| The Wall Street Journal says Hershey has spoken to banks about financing for a takeover of Birmingham-based Cadbury. | The Wall Street Journal says Hershey has spoken to banks about financing for a takeover of Birmingham-based Cadbury. |
| Earlier, Italian business daily Il Sole 24 Ore said family-owned Ferrero, which makes Nutella chocolate spread and Ferrero Rocher chocolates, could join financial investors and private equity players for a possible Cadbury bid. | Earlier, Italian business daily Il Sole 24 Ore said family-owned Ferrero, which makes Nutella chocolate spread and Ferrero Rocher chocolates, could join financial investors and private equity players for a possible Cadbury bid. |
| Confectionery giant | |
| Analysts agreed that it was unlikely that either Hershey or Ferrero could fund a takeover of Cadbury on their own. | |
| "It doesn't appear that either Ferrero or Hershey is in the financial position of taking on Cadbury all by themselves," said Erin Swanson, an equity analyst with Morningstar. | |
| Other commentators have speculated that Cadbury may prefer to join with Hershey and Ferrero, as both are also predominantly confectionery companies, unlike Kraft which has a much wider food offering. | |
| Cadbury is the world's second-largest confectionery business, with full-year revenues of £5.4bn in 2008. It described Kraft's hostile offer as "derisory". |