Attorney General Approval Required For Buying Chocolate, HSY, CBY, KFT
By Benzinga Staff
December 02, 2009 1:12 PM
December 02, 2009 1:12 PM
Hershey’s (NYSE: HSY) bid to acquire Cadbury PLC (NYSE: CBY) would require the approval of the Pennsylvania Attorney General.
According to the Wall Street Journal, the Hershey Trust, the majority stakeholder in the Hershey Company has sought the approval of the Pennsylvania AG to carry out its acquisition plans. Hershey is contemplating on the exact modus operandi in bidding for Cadbury PLC.
It may either mount an independent bid or initiate a joint bid in collaboration with Italian chocolate manufacturer Ferrero. Hershey’s arch rival Kraft Foods Incorporated (NYSE: KFT) had made an unsolicited cash plus shares offer for Cadbury on September 7 2009.
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