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Hershey 'mulls $17bn Cadbury bid' Hershey 'mulls $17bn Cadbury bid'
(2 days later)
US chocolate maker Hershey is considering launching a solo bid of at least $17bn (£10bn) for British firm Cadbury, according to reports.US chocolate maker Hershey is considering launching a solo bid of at least $17bn (£10bn) for British firm Cadbury, according to reports.
Under pressure from its charitable trust, Hershey has lined up funding from Bank of America and JP Morgan, the Wall Street Journal reported on Friday.Under pressure from its charitable trust, Hershey has lined up funding from Bank of America and JP Morgan, the Wall Street Journal reported on Friday.
But the US company is still also considering a joint bid with Italy's Ferrero, the paper said.But the US company is still also considering a joint bid with Italy's Ferrero, the paper said.
Cadbury has already rejected a £9.8bn offer from food firm Kraft.Cadbury has already rejected a £9.8bn offer from food firm Kraft.
Responding to the report, a Cadbury spokesperson said the company was focused on delivering value to shareholders as a "standalone pure-play confectioner".
Cadbury refused to be drawn on whether it would consider Hershey's offer as it had not yet officially been made.
"We have always said that we would give proper consideration to any serious offer that delivers full value for the company. Unless and until we find ourselves in that situation we have nothing to comment upon," the spokesman said.
Joint bid
On Wednesday Ferrero and Hershey confirmed that they were considering a possible joint takeover bid for Cadbury.
Italy's Ferrero said it was in the "preliminary stages" of looking at its options, while US firm Hershey said making a bid was only a possibility.
Earlier this month, Cadbury rejected a hostile £9.8bn offer from US food giant Kraft, calling it "derisory".