Hershey plans $17bn Cadbury bid

Philadelphia, November 21, 2009

US chocolate maker Hershey Company is considering launching a bid of at least $17 billion for British chocolatier Cadbury in an effort to outstrip a hostile offer by Kraft Foods, a source familiar with the matter said on Friday.

Hershey, which is still considering a joint bid with Italy's Ferrero, lined up deal financing from Bank of America and JP Morgan, said the source, who declined to be named because he was not authorized to speak with the media.

JPMorgan declined to comment. Bank of America and Hershey could not be immediately reached for comment.-Reuters

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