Italy’s Ferrero has ruled out a rival bid for Cadbury Plc, clearing the way for Kraft Foods to complete its 11.7 billion-pound ($18.9 billion) proposed takeover of the British confectioner. Fellow chocolate maker Hershey has already said it has no intention of bidding for Cadbury, so with Nestle already ruled out, Kraft appears on course to complete its recommended bid by the deadline of February 2.
US investment group Blackstone is examining the possibility of entering the UK banking market, its chief executive Stephen Schwarzman said on the sideleines of a conference in Saudi Arabia, confirming earlier reports by Reuters and other media. He said that opening a bank in the UK would not represent a major change in strategy for Blackstone.
And from other media:
CPA Global, the patent and legal services group, is set to complete on Thursday a management buyout financed by Intermediate Capital Group, the Financial Times reported.
Saab Automobile is set to win a stay of execution from General Motors as the US carmaker closes in on a deal to sell its Swedish unit to Spyker Cars of the Netherlands, the Financial Times reported. Several people close to the negotiations told the newspaper a provisional agreement could come as soon as today.