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Ferrero formally rules out Cadbury bid

LONDON - Italian confectioner Ferrero International SA today formally declared that it would not make a takeover bid for Cadbury PLC.

LONDON - Italian confectioner Ferrero International SA today formally declared that it would not make a takeover bid for Cadbury PLC.

That left Kraft Foods Inc. with no one contesting its 11.5 billion-pound ($19.5 billion) bid for Cadbury.

The announcement came on the deadline for Ferrero to make a firm offer. The Italian company, maker of Nutella nut spread and Tic-Tac mints, reportedly had mulled a joint bid with the Hershey Co., which is based in Hershey, Pa.

Hershey ruled itself out of the running on Friday.

Kraft, the maker of Oreo cookies and Philadelphia cream cheese, now has until Feb. 2 to line up a majority of Cadbury shareholders to accept its offer, which is endorsed by Cadbury's board.