4 billion of debts according to JP Morgan

Hershey, a common culture.The American chocolatier Hershey, who had pushed himself back to Doomsday advances of the specialist of the Wrigley chewing in 2002, has hired JP Morgan to help him to study and eventually to finance an operation on Cadbury. The Hershey Trust, which controls 31 of the shares in the company but 80 of the voting rights and must obtain the approval of the State of Pennsylvania to release control of the chocolate, look for an operation. Hershey's makes more than 80 of its sales in the chocolate in the United States, a mature market: he therefore needs to diversify. Cadbury and Hershey's, two companies founded by Quakers and mennonites, communities are also on the same wavelength cultural and ethical. The problem for Hershey's is that it is twice smaller than Cadbury, with approximately 3 billion pounds of revenues. Even though he bought that chocolate, should issue 4.7 billion pounds of capital and 2.4 billion of debts, according to JP Morgan. Hershey's shares without voting rights is an option that Cadbury shareholders are certainly not ready to accept. Hershey may ally to the Italian Ferrero or Nestlé Switzerland. So far, discussions have however not led to a concrete any proposal.

Ferrero, a solid financial foundation.The Italian group known for its brands rock, Nutella, Kinder and ticking, studied the folder. Equivalent to Cadbury in size, has a turnover of about 6 billion pounds, Ferrero is credited with a solid financial foundation. Cadbury could be seen as an opportunity as there is rarely, which would strengthen Ferrero in the United Kingdom and emerging countries. That said, group, advised by Mediobanca and Rothschild, is not the culture of the acquisitions of this size for sixty years there. Although he spent in operational control to his sons, the company is led by Michele Ferrero, an old patriarch in eighty years and the richest man of Italy, according to "Forbes". It would be reluctant to perform this type of manoeuvre. The Group discussed with Hershey's to a joint offer, but Cadbury sharing between the two would be not so obvious, some analysts believe.

Nestlé, problems of a dominant position.The Swiss group is the only one, possibly with the Unilever anglo-néerlandais, which could swallow Cadbury without allies. Its entry in the running would be the true trigger a stock market battle on Cadbury. After the reconciliation of Mars and Wrigley, Nestle would be a three number outpaced in the confectionery if Kraft Foods was Cadbury. The Swiss group needs to strengthen the United States in the chocolate and the growth of the product market might be of interest to him, said some analysts. Having said that, for reasons of dominance, Nestlé should sell many assets in chocolate, including the United Kingdom, if it was the British. An alliance with Hershey's, to whom he assigned the licence of the Kit - Kat across the Atlantic, is considered possible by investors. However, the chocolate represents only 10 of sales of Nestlé, recently noted an analyst. It is therefore not necessarily its priority. And if he wanted to strengthen this area, it could cover Ferrero or Lindt.