How much for Hershey?
sharply yesterday as the company indicated it was not prepared to
pay more than $12bn (€12.2bn) for Hershey, the market leader in US
chocolate confectionery, the Financial Times reported on Sunday.
Shares of Nestlé, the world's biggest food company, rebounded sharply yesterday as the company indicated it was not prepared to pay more than $12bn (€12.2bn) for Hershey, the market leader in US chocolate confectionery, the Financial Times reported on Sunday.
According to the story Nestlé's shares, which had lost some 10 per cent of their value in 10 days, closed 5 per cent up at SFr322 after Peter Braebeck, chief executive, tried to deflate market expectations about Nestlé's eagerness to bid for Hershey, which has been put up for sale by its controlling shareholder.
The report continues that Mr Brabeck refused to say whether his company would or would not bid for Hershey. However, he did indicate that market rumours that Nestlé would be prepared to pay as much as $12bn did not make sense.
