This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8440666.stm

The article has changed 36 times. There is an RSS feed of changes available.

Version 3 Version 4
Nestle rules out bid for Cadbury Nestle rules out bid for Cadbury
(20 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.
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 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 (£2.3bn). Kraft will use cash made from the sale of its north American pizza business - sold to Nestle for $3.7bn.
More cashMore cash
The sale means Kraft will be able to offer an extra 60p per share in cash, though the overall value of the offer is not being increased. The sale means that Kraft will be able to offer an extra 60 pence per share in cash, though the overall value of the offer is not being increased.
The company will announce full details of its new offer before 16 January.The company will announce full details of its new offer before 16 January.
Kraft's original bid was £3 plus 0.26 new Kraft shares for each Cadbury share - a deal that analysts said would be unlikely to tempt shareholders.Kraft's original bid was £3 plus 0.26 new Kraft shares for each Cadbury share - 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" and arguing it undervalues the business. The Cadbury board has launched a fierce defence against the Kraft bid, calling it "derisory" and arguing that it undervalues the business.
Nestle was among the possible rival bidders expected to enter the fray.Nestle was among the possible rival bidders expected to enter the fray.
On Monday, that speculation was fuelled when Nestle sold its remaining stake in eye-care group Alcon to Novartis for $28.1bn (£17.5bn) - a deal perceived as freeing up cash for a Cadbury bid. On Monday, that speculation was fuelled when Nestle sold its remaining stake in eye care group Alcon to Novartis for $28.1bn - a deal perceived as freeing up cash for a Cadbury bid.
However, on Tuesday it instead spent some of that money buying Kraft's frozen pizza business, which sells brands including DiGiorno and California Pizza Kitchen in the US and Canada.However, on Tuesday it instead spent some of that money buying Kraft's frozen pizza business, which sells brands including DiGiorno and California Pizza Kitchen in the US and Canada.
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.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.
That leaves Kraft as the only current bidder for Cadbury, although the UK confectioner says it has been in talks with US company Hershey about a possible deal. That leaves Kraft as the only current bidder for Cadbury, although the UK confectioner says it has been in talks with US firm Hershey over a possible deal.