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Is a bidding war brewing for Cadbury PLC (NYSE ADR: CBY)?
In a widely anticipated move, Nestle SA (PINK: NSRGY) said yesterday (Monday) that it would sell its remaining 52% stake of Alcon Inc. (NYSE: ACN) to Swiss drug maker Novartis AG (NYSE ADR: NVS) for about $28 billion. That influx of cash could give Nestle the financial firepower to go up against Kraft Foods Inc. (NYSE: KFT) in a competing bid for Cadbury.
Nestle is always "open to acquisition opportunities if they fit strategically," Chief Executive Officer Paul Bulcke told The Wall Street Journal in September.