Hershey`s trust pushes for Cadbury bid

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The charitable trust that controls Hershey Co is pushing the company to launch a rival $17 billion bid for Cadbury Plc, the Wall Street Journal reported on Friday, citing people familiar with the matter.

That would be bigger and have more cash than the offer Kraft Foods Inc. has made, the newspaper said.

A bid, if one emerges, would not be ready for at least two weeks and the terms of a possible offer are in flux, the paper said. One possible scenario, the paper said, would include at least $10 billion in cash from Hershey, plus $2 billion in new Hershey shares.

A third component would be another $3 billion to $5 billion in cash from rich investors in exchange for equity in Hershey, the paper said, citing those people.

The investors are being courted by Hershey adviser Byron Trott, a former Goldman Sachs banker known for his close relationships with Warren Buffett and other rich investors, the paper said.