Cadbury: extra toppings 60 pence

Nestle has done Kraft Foods a small favour in the pursuit of Cadbury. The Swiss food group is buying Kraft’s U.S. pizza business for $3.7 billion in cash, boosting Kraft’s firepower in its assault on the UK confectioner. Nestle is also ruling itself out as a competing bidder for Cadbury. These moves are a boost to Kraft’s bid – but only in combination with more effort from Kraft itself. The financial benefit is limited. Kraft says the net proceeds of the sale could boost the cash portion of its...