The pursuit of Cadbury is rapidly becoming a one horse race after Italy’s Ferrero ruled itself out of the fight and cut off talks with potential bid partner Hershey, leaving only the U.S. chocolate maker to declare its hand in the battle for the British confectioner. Cadbury, meanwhile, yesterday put the finishing touches to its defence against U.S. food giant Kraft’s 10.5 billion pound hostile bid by promising an improved performance and a raised dividend.
Luxembourg-based investment firm Genii Capital intends to improve its bid for Swedish carmaker Saab in order to catch the eye of seller General Motors. Bids from Genii, which is working with Formula One supremo Bernie Ecclestone, and Dutch carmaker Spyker have failed to prevent GM from appointing advisers to oversee the wind-up of the business.
India telecoms group Bharti Airtel has created a new unit to pursue emerging markets acquisitions after failing to reach a deal with South Africa’s MTN last year.
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And in other media:
Kraft’s hostile bid for Cadbury will be used a case study in a meeting between Business Secretary Peter Mandelson and influential institutional investors, The Times writes, as he urges them to take a longer term view in their investments.