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Is Cadbury in talks with Hershey?

There is speculation in the market that Cadbury is in talks with US outfit Hershey about a potential friendly offer for the UK-based giant. Despite the fact that the Kraft Foods has tabled a £10 billion offer it would appear that Cadbury would prefer, at least at this moment in time, to potentially work alongside Hershey to expand operations around the world.

There has been speculation for some time that the Cadbury board would "prefer" an association with Hershey but only today have we seen "solid" stories in the press about such a move. The current Kraft Foods offer values each Cadbury share at around £7.18 against a share price of £7.90. This indicates that the market is expecting a significant improvement on the Kraft Foods offer and/or a new bidder entering the fray. With Cadbury expected to issue its defence document against the formal Kraft Foods bid on Monday we should start to see the situation clear a little more in the short term.

While nothing is certain in this ongoing bid saga there is no doubt that interest in Cadbury is growing and the initial offer from Kraft Foods would appear to be nothing more than an opening shot.

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