Food giant Nestle says it does not intend to table a takeover bid for Cadbury, despite recent speculation.
Nestle had been linked to a possible offer following Kraft Food’s hostile bid for Cadbury, announced in December.
Separately, Kraft has announced it will increase the proportion of cash in its offer to Cadbury shareholders in order to make its bid more attractive.
Kraft will use cash made from the sale of its North American pizza business – sold to Nestle for $3.7bn (£2.3bn).
However, the battle for Cadbury took another turn when one of Kraft’s biggest shareholders – Berkshire Hathaway – said it had voted against Kraft’s plans to issue new shares to fund the bid for Cadbury.
The holding company of US billionaire Warren Buffett, which claims to be Kraft’s biggest shareholder, said it had voted against Kraft’s plans to issue up to 370 million new shares.