7 Jan 2010

US food giant steps up bid for Cadbury

7:57 pm on 7 January 2010

American food giant Kraft has stepped up its pursuit of the British-based confectionery firm Cadbury.

Kraft is raising the amount of money it will include in its hostile $US10 billion offer and will fund the increase from the sale of its pizza business in North America to Swiss company Nestle, the BBC reports.

Nestle has ruled out making a rival offer for Cadbury.

Kraft is to give full details of its bid changes by 19 January.