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/8478172.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Ferrero pulls out of Cadbury race Ferrero pulls out of Cadbury race
(1 day later)
Italy's Ferrero has formally declared itself out of the takeover battle for UK confectioner Cadbury.Italy's Ferrero has formally declared itself out of the takeover battle for UK confectioner Cadbury.
The announcement came on the deadline for companies to make firm offers, with America's Hershey having already ruled itself out of the running on Friday.The announcement came on the deadline for companies to make firm offers, with America's Hershey having already ruled itself out of the running on Friday.
Ferrero, which makes Nutella and Tic-Tacs, had reportedly been mulling a joint bid with Hershey for Cadbury. Ferrero, which makes Nutella and Tic-Tacs, had reportedly been mulling over a joint bid with Hershey for Cadbury.
Last week, Cadbury's board agreed to a takeover offer from US company Kraft Foods.Last week, Cadbury's board agreed to a takeover offer from US company Kraft Foods.
At the time the deal was agreed, Kraft's cash and shares offer valued Cadbury shares at 840 pence each.At the time the deal was agreed, Kraft's cash and shares offer valued Cadbury shares at 840 pence each.
DeadlineDeadline
In a statement, Ferrero said: "Further to its announcement of November 18, 2009, Ferrero International SA confirms that it does not intend to make an offer for Cadbury."In a statement, Ferrero said: "Further to its announcement of November 18, 2009, Ferrero International SA confirms that it does not intend to make an offer for Cadbury."
Kraft, the maker of Oreo cookies, now has until 2 February to convince Cadbury shareholders to accept its offer.Kraft, the maker of Oreo cookies, now has until 2 February to convince Cadbury shareholders to accept its offer.
If Kraft's takeover of Cadbury goes ahead, the combination will create the world's largest confectionery company.If Kraft's takeover of Cadbury goes ahead, the combination will create the world's largest confectionery company.
British MPs and trade unions are concerned about the job losses the deal will involve, as well as the amount of debt Kraft is taking on in order to secure the takeover.British MPs and trade unions are concerned about the job losses the deal will involve, as well as the amount of debt Kraft is taking on in order to secure the takeover.