Ferrero, privately owned Italian confectioner, on Monday formally denied launching a rival bid for Cadbury PLC. This carved out the way for Kraft Foods Inc. to complete its £11.9 billion ($19.18 billion) buyout of the U. K. Company.
In a statement to the London Stock Exchange, Ferrero, the Italian maker of Kinder Surprise and TicTac mints ,said that it doesn't intend to make an offer for Cadbury. After rival food groups Nestlé SA and Hershey Co. left the race, Ferrero said it won't challenge Kraft Foods Inc.'s on the agreed takeover of U. K. candy maker Cadbury Plc. This statement came as a clarification regarding the evaluations that Ferrero was making with regard to Cadbury.
Cadbury, the U. K. maker of Dairy Milk chocolate, agreed to a revised sum of 11.9 billion-pound offer from Illinois-based Kraft. This ended more than four months of, ending more than four months of struggle and thereby came up as the world's largest confectioner.
According to another announcement, providing further details to its offer, Kraft has offered shareholders to receive the offer in cash only, this would amount to 799 pence-a-share. Cadbury's 2008 revenue was 5.4 billion pounds, whereas Ferrero had revenue of 6.2 billion euros ($8.8 billion) in fiscal 2008. Cadbury shares closed Friday at 833 pence. The stock has risen 48% over the past 12 months.
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