Sweet temptation
to acquire US rival Hershey Foods, USA Today reported on Monday.
Swiss food giant Nestle is to offer about $11.5 billion (€11.8bn) to acquire US rival Hershey Foods, USA Today reported on Monday.
Citing sources familiar with the offer, the newspaper said Nestle presented a preliminary bid of $82 to $85 a share, after senior executives toured Hershey factories twice last week and reviewed the confectionery maker's financial data.
Sources close to the situation confirmed to Reuters that Nestle, along with several other companies had toured the Hershey manufacturing facilities and started reviewing the companies financial records in recent weeks.
However, these sources said any bid for Hershey at this point is preliminary and negotiations could fall apart at any time.
Both Nestle and Kraft Foods have expressed serious interest in bidding for Hershey, so far, sources said.Hershey Foods stock, which traded at $62.50 per share just before news of a possible sale emerged last month, closed on Friday at $75.03, up 24 cents, on the New York Stock Exchange.
