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Hershey Co. (NYSE: HSY) and Italian-based confectioner Ferrero SpA are considering a possible bid for U.K. candy giant Cadbury PLC (NYSE ADR: CBRY), raising the potential for a costly bidding war. But should a battle take place, U.S. food giant Kraft Foods Inc. (NYSE: KFT) is still the odds-on favorite.
Hershey, the maker of Reese's Peanut Butter Cups, said in a statement it's "reviewing its options," leaving open the door to an offer but not saying one would be forthcoming. Ferrero, the Italian maker of Tic Tacs and Nutella spread, said it was in "preliminary stages of evaluating its options in respect to Cadbury," according to Reuters.