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Iceni Technology
February 2009


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Ferrero and Hershey to make joint bid for Cadbury

Back in early November, Cadbury rejected a hostile takeover bid to the tune of £9.8bn from US-based Kraft. At the time Cadbury referred to the acquisition offer as “derisory”. Now, reports suggest that Ferrero and Hershey could be gearing up to make a joint bid for the Birmingham-based confectionery brand. Ferrero, based in Italy, confirmed that such plans were only at “preliminary stages” while Hershey refused to confirm reports, stating that bidding for Cadbury was merely a possibility.

Analysts have suggested that these two confectionery brands would join forces to make a acquisition bid as neither are in a financial position to bid for Cadbury without further financial backing. It has still been suggested that Kraft would be the frontrunner for any takeover.

Charles Stanley analyst, Jeremy Batstone-Carr, commented: “Significant questions remain regarding how any deal (from Ferrero and Hershey) might be put together, not least in terms of product and/or geographical segmentation.”

He continued: “The likely complexities associated with a rival approach for Cadbury in purely practical terms leaves us strongly of the view that Kraft remains the strongest rival, but that it will need to increase its offer in order to win control.”

Cadbury is the second largest confectionery company in the world. Last year alone it produced revenues of £5.4bn. Shares in Cadbury also continue to rise amidst the takeover speculation. Ferrero, makers of Ferrero Rocher and Nutella, had revenues of 6bn Euros in 2008 while Hershey made $1.5bn (equivalent to £3bn). However, frontrunners Kraft own several food brands, including Maxwell House coffee and Philadelphia produced total revenues of $42.2bn last year alone.


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