Hershey and Ferrero consider a joint bid that could make room for it, hostile to the U.S. Kraft, according to information obtained Tuesday night.
But investors are questioning the possibility of such cons-supply on the British confectioner.
Hershey is much smaller than Cadbury, the world of sweets behind Mars-Wrigley. The U.S. group is also heavily indebted and controlled by a charitable organization.
As for the Ferrero family, which controls brands like Nutella and Kinder, it has so far made few acquisitions, which explains why some doubt an alliance between the two groups to launch an acquisition.
"It's not impossible, but we should be skeptical," said Alex Molloy, an analyst at Credit Suisse
"We would be very surprised if they (Hershey-Ferrero) were involved," adds one of the top ten shareholders of Cadbury, who requested anonymity.
Ferrero said Wednesday it had just begun to explore a bid for Cadbury, and Hershey said that its study options and had "taken note" of media speculation about a possible bid for Cadbury.
The U.S. group said it was not absolutely sure at this stage there is possibly an offer.
Around 1300 GMT, the action Cadbury gained 1.4% to 799 pence, having reached 802.5 pence in early trading. The title had not passed the 800 pence since October 21.
The offer values Kraft Cadbury to 726 pence.
Most analysts believe that Kraft, to succeed, will raise its bid for Cadbury to 800 pence at least.
Kraft first expressed his interest for Cadbury in September and has launched a hostile bid November 9.
Last week, Cadbury rejected the offer of 16.2 billion dollars (10.84 billion euros) of the giant U.S. food said it was "ridiculous". ( Cadbury rises on the stock market on a possible bid-cons )
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