Hershey-Ferrero / Cadbury: Pick ‘n mix

Christopher Hughes The spectre of a Cadbury break-up has been hovering since Kraft Foods made a tilt at the UK confectioner in September. Now Hershey, Kraft’s US rival, and Ferrero, the Italian chocolate group, are working on this very project, according to the Wall Street Journal. The preparations betray the industry’s nervousness about the competitive threat that a combined Kraft/Cadbury would pose. But the odds do not favour Hershey and Ferrero as victors in any bidding war. It is not clear...