Cadbury posts its final defence against Kraft’s hostile takeover, but a muted share price reaction shows it is not changing market views about the deal much. Ferrero, the Italian chocolate maker, is “very close” to taking a decision on whether to launch a counterbid together with U.S. group Hershey, a source close to the operation tells Reuters. Italy’s Il Messagero reported earlier Ferrero was securing a $4.5 billion syndicated loan.
General Motors repeats it is closing down Saab, because it has not yet received a credible bid. Dutch group Spyker meanwhile, says it remains hopeful that a deal can be reached.
And in other media:
Corus Entertainment Inc, Shaw Communications Inc, Fairfax Financial Holdings Ltd, and Jim Pattison Group are considering investing in debt-laden media company Canwest global Communications Group, the Globe and Mail newspaper reports late on Monday.
Bank of America is in talks with New York attorney general Andrew Cuomo’s office to settle a probe on bonuses paid to Merrill Lynch executives, the New York Times reports.