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Nestle rules out bid for Cadbury Nestle rules out bid for Cadbury
(10 minutes later)
Food giant Nestle says it does not intend to table a takeover bid for Cadbury despite recent speculation.Food giant Nestle says it does not intend to table a takeover bid for Cadbury despite recent speculation.
In a statement Nestle said that it did not intent to make, or participate in, a formal offer for the confectioner.
Nestle had been linked to a possible offer following Kraft Food's hostile bid for Cadbury, announced in December.Nestle had been linked to a possible offer following Kraft Food's hostile bid for Cadbury, announced in December.
Separately, Kraft has announced that it will increase the proportion of cash in its offer to Cadbury shareholders in order to make its bid more attractive.Separately, Kraft has announced that it will increase the proportion of cash in its offer to Cadbury shareholders in order to make its bid more attractive.
Kraft will use cash made from the sale of its north American pizza business - sold to Nestle for $3.7bn.
More cash
The sale means that Kraft will be able to offer an extra 60 pence per share in cash, though the company will announce full details of its new offer before 16 January.
Kraft's original offer was for £3 per Cadbury share plus 0.26 new Kraft shares - a deal that analysts said would be unlikely to tempt shareholders.
The Cadbury board has launched a fierce defence against the Kraft bid, calling it "derisory".
Nestle was among the possible rival bidders expected to enter the fray.
On Monday, Nestle sold its remaining stake in eye care group Alcon to Novartis for $28.1bn, in a deal perceived as freeing up cash for a Cadbury bid.
In a statement, Nestle said its decision not to make, or participate in, a formal offer for Cadbury followed discussions with the UK Takeover Panel - the body in charge of regulating takeovers.