Ferrero declares itself out of Cadbury race
Ferrero declares itself out of Cadbury race
Monday 25th January 2010
Italian firm Ferrero has today confirmed it's pulling out of the battle to takeover British chocolate institution Cadbury.The US firm Hershey earlier also declared itself out of the bid; following Kraft's announcement that it had agreed a £11.5 billion takeover offer with Cadbury last week.
The announcement from Ferrero came on the deadline for firms to make an offer to buy the UK confectioner.
In a statement, the Italian firm said: "Further to its announcement of November 18th, 2009, Ferrero International SA confirms that it does not intend to make an offer for Cadbury."
Despite Cadbury agreeing to the terms of the Kraft offer, shareholders are yet to accept the offer and have until February 2nd to do so.
Unions have come out against the takeover, with Unite national officer for the food sector, Jennie Formby, saying: "While there is still time for Cadbury shareholders to consider this offer there must be hope that wisdom will prevail.
"Unite has been inundated by messages from smaller shareholders who tell us they do not want this deal, and the popular outpouring of support for Cadbury shows there is no appetite for this deal.
"The City boys and hedge funds, who are only interested in turning a quick profit and care nothing for the people or communities of Cadbury, cannot be allowed carry the day."
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